Our rating on Hyundai Card Co. Ltd. (HCC; BBB/Stable/--) reflects its adequate capitalization level, good business relationship with Hyundai Motor Co. (HMC; BBB+/Stable/--), and support from General Electric Capital Corp. (GECC; AA+/Stable/A-1+). On the other hand, the rating is constrained by the company's high dependency on market-sensitive funding sources, a less diversified business portfolio as a monocline credit card company, and intensifying competition. In Standard & Poor's Ratings Services' opinion, HCC's capitalization is supportive of the current rating, and our view is reflected in the company's ratio of shareholder's capital to total managed assets. We expect GECC to provide support to the company if it faces financial turmoil. We consider GECC's explicit and potential support as positive factors for HCC's...
Companies mentioned in this report are:
- Hyundai Card Co. Ltd.
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