Hyundai Motor Co. and Kia Corp. said on Monday they received AAA ratings, with Stable outlooks for both companies, from Korea Ratings Corp., Nice Investors Service, and KIS Rating, South Korea’s top three credit rating agencies.
Korea Ratings upgraded Hyundai Motor’s credit rating to AAA, the highest on its 20-tier scale.
This is the first time since November 2019 that the agency has raised its assessment since the automaker held an AA+ rating.
Korea Ratings cited Hyundai’s strong powertrain competitiveness and improved profit structures, bolstered by favorable currency conditions, as reasons for the upgrade.
“Hyundai is expected to sustain profitability above the market average,” the agency said, noting that enhanced cash flow has fueled investments, supporting long-term financial stability and competitive positioning.
Earlier this year, Hyundai Motor received AAA ratings from NICE Investors Service in April and Korea Investors Service in September.
Kia also achieved AAA ratings from NICE Investors Service and Korea Investors Service on November 1, following an earlier triple-A rating from Korea Investors Service in September.
Kia has obtained the highest credit rating from all three domestic agencies for the first time in its 80-year history.
“Kia has strengthened its position in the global automotive market through enhanced product competitiveness and improved brand recognition,” NICE Investors Service and Korea Ratings explained.
“The technological capabilities and production capacity to meet various market demands, including hybrid, electric, hydrogen, and internal combustion vehicles, are at the top level in the industry,” they added.
Hyundai Motor and Kia have also garnered high ratings from international credit agencies, including Moody’s, S&P, and Fitch, which evaluated the two firms as a single entity this year.
By Jin-Won Kim
jin1@hankyung.com
