Hyundai Motor and Kia Upgraded to AAA Credit Rating by Hanshin Rating Service

Hyundai Motor Achieves Top Rating Consecutively Following NICE
Kia Receives Highest Rating for the First Time

Hyundai Motor Group's credit ratings are being upgraded one after another. Following the receipt of an A credit rating from major global credit rating agencies this year, domestic credit rating agencies have also upgraded the rating to the highest grade, AAA. This reflects an evaluation that the group has excellent profit generation scale and financial structure due to top-tier technology and production capacity in the industry.

On the 11th, Hyundai Motor Group announced that Korea Ratings upgraded the credit ratings of Hyundai Motor and Kia from the previous 'AA+' to the highest grade, AAA. The credit rating outlook was presented as 'stable.'

The AAA rating is the highest grade in Korea Ratings' 19-level credit rating system, indicating the highest overall debt repayment ability.

This follows the receipt of an 'A' credit rating from the world's three major credit rating agencies?Moody's, Standard & Poor's (S&P), and Fitch?earlier this year, marking another positive evaluation in the capital market.

Korea Ratings explained the selection background, stating, "Hyundai Motor and Kia are solidifying their position in the global market based on a firm market position in the domestic market, improved product competitiveness, and brand awareness. Their technology and production capabilities, capable of responding to diverse market demands such as internal combustion engine vehicles, hybrid vehicles, and electric vehicles, are at the industry's top level, and continuous investment will further strengthen their ability to respond to market changes." They also evaluated, "The continuously growing profit generation scale, realization of industry-leading profitability, and maintenance of excellent financial stability are also strengths of Hyundai Motor and Kia."

Earlier, Hyundai Motor received the highest credit rating 'AAA' from NICE Investors Service in April. Among the three major domestic credit rating agencies (Korea Ratings, NICE Investors Service, Korea Enterprise Data), it has obtained the highest credit rating from two agencies. Kia received the highest rating for the first time in its credit rating evaluation.

A Hyundai Motor Group official stated, "We will continue to strengthen financial soundness and profitability to maintain a stable management environment going forward."