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Hyundai Card Co. Ltd. Dec 12 Product Image

Hyundai Card Co. Ltd. Dec 12

  • ID: 2359726
  • December 2012
  • Standard & Poors

FEATURED COMPANIES

  • Hyundai Capital America
  • Hyundai Card Co. Ltd.
  • Hyundai Glovis Co. Ltd.
  • Hyundai Mobis Co. Ltd.
  • Hyundai Motor Co.
  • Kia Motors Corp.
  • MORE

Abstract
Adequate capitalization level Good business relationship with Hyundai Motor Co. Support from General Electric Capital Corp., the second-largest shareholder High dependency on market-sensitive funding sources Less diversified business profile as a monoline credit card company Intensifying competition 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...

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

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