Hyundai Capital Australia Obtains S&P Credit Rating 'A-'

"Same Rating as Hyundai Motor and Kia...
Significance Confirmed"

Hyundai Capital announced on the 24th that its Australian subsidiary has received an 'A- (Stable)' credit rating from Standard & Poor's (S&P), one of the world's top three credit rating agencies, for the first time.

Although the Australian subsidiary is a newly established entity that began operations in October last year, it has obtained an S&P credit rating. It received the same credit rating as Hyundai Motor Company, Kia, and Hyundai Capital headquarters.

A Hyundai Capital official stated, "This is the result of the local market highly valuing the role and importance of the exclusive financial company of Hyundai Motor Group's core affiliates."

In its report, S&P wrote, "Hyundai Capital Australia is a key subsidiary of Hyundai Motor Group," and "considering its importance within the group, it is assigned the same rating as the group and Hyundai Capital."

S&P also stated, "Based on Hyundai Capital headquarters' long-standing overseas business expertise, it is expected to significantly contribute to Hyundai Motor Group's car sales, which hold the second-largest market share in the Australian automobile market."

Lee Hyung-seok, Executive Vice President and Chief Financial Officer (CFO) of Hyundai Capital, said, "Hyundai Capital Australia plans to enhance its competitiveness in the Australian funding market based on the S&P credit rating it has just obtained," adding, "We will continue to provide differentiated financial products and services that meet local customer demands."

In 2023, Hyundai Capital received an AA+ rating from the three major domestic credit rating agencies. Last year, it achieved an A rating from the global top three credit rating agencies. It holds the highest level of domestic and international credit ratings among non-bank financial companies in Korea.