Hyundai Capital Services Inc.

Standard & Poors

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Research Type: Full Analysis

Abstract
Strong market leadership as the captive finance arm of the Hyundai Automotive group Support from part-owner General Electric Capital Corp. Relatively good profitability High dependency on market-sensitive funding sources Rising credit risk Business concentration in new-car financing The ratings on Hyundai Capital Services Inc. (HCS; BBB/Negative/A-2) are based on its position as the key captive financing arm of its parent, Hyundai Motor Co. (HMC: BBB-/Negative/--), support from part owner General Electric Capital Corp. (GECC; AA+/Stable/A-1+), and its relatively good profitability. The rating is constrained by the company's high dependency on market-sensitive funding sources, rising credit risk, and its business concentration in new-car financing. The long-term issuer credit rating on HCS is one notch higher than that on HMC, reflecting its...

Companies mentioned in this report are: Hyundai Capital Services Inc.,Hyundai Motor Co.,Kia Motors Corp.,Hyundai Card Co. Ltd.,Hyundai Mobis Co. Ltd.,Hyundai Glovis Co. Ltd.
Action: Review

Hyundai Capital Services Inc.,Hyundai Motor Co.,Kia Motors Corp.,Hyundai Card Co. Ltd.,Hyundai Mobis Co. Ltd.,Hyundai Glovis Co. Ltd.

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