Hyundai Motor Co. Aug 11

Standard & Poors, August 2011

Abstract
Dominant position in Korea's auto market Growing position in global market and improving profitability Solid financial profile Cyclical demand for vehicles and higher operational risks related to expansion in emerging markets Weak, albeit improving, brand Rising demands from labor force for improved working conditions Potential to make major investments in nonauto businesses The rating on Korea-based automaker Hyundai Motor Co. (HMC; BBB/Positive/--) reflects the company's dominant position in Korea's auto market, its growing position in the global market, and ensuing improvements in its profitability and solid financial profile. Constraints on the rating are HMC's exposure to highly cyclical and volatile demand for passenger vehicles; expansion in emerging markets with higher operational risk; the weak, albeit improving, reputation of its brand;...

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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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

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