Hyundai Glovis Co. Ltd. Jul 12
- ID: 2164683
- July 2012
- Standard & Poors
Solid relationship with Hyundai Motor Group Strong revenue growth Intermediate financial risk profile Narrow range of customers Significant exposure to highly cyclical and competitive auto sector Weak corporate governance The ratings on Korea-based integrated logistics company Hyundai Glovis Co. Ltd. (Glovis; BBB+/Stable/--) reflect its satisfactory business risk profile, due largely to the strength of a solid relationship with Hyundai Motor Group (HMG); strong potential for revenue growth; and intermediate financial risk profile. Constraining factors include the company's narrow range of customers, significant exposure to the highly cyclical and competitive automotive industry, and weak corporate governance. We assess the stand-alone credit profile (SACP) on Glovis to be 'bbb', and our ratings on Glovis reflect one notch of support from HMG. In...
Companies mentioned in this report are: Hyundai Glovis Co. Ltd.,Hyundai Motor Co.,Kia Motors Corp.,Hyundai Capital Services Inc.,Hyundai Card Co. Ltd.,Hyundai Mobis Co. Ltd.
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