Summary: Hyundai Capital Services Inc. Dec 12
- ID: 2359659
- December 2012
- Standard & Poors
Our ratings on Hyundai Capital Services Inc. (HCS; BBB+/Stable/A-2) reflect its strong market leadership backed by Hyundai Automotive group's strong domestic market presence, support from General Electric Capital Corp. (GECC; AA+/Stable/A-1+), and good profitability. On the other hand, the ratings are constrained by the company's high dependency on market-sensitive funding sources, its business concentration in new-car financing, and exposure to unsecured personal loans, which are inherently vulnerable to the economic cycle. HCS is the dominant player in Korean auto financing, commanding about two-thirds of the market, supported by the group's strong domestic market position. The Hyundai Automotive group has an over 80% share of the domestic auto market. HCS provides financing for approximately 70% of domestic vehicle sales recorded by...
Companies mentioned in this report are:
- Hyundai Capital Services Inc.
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