S&P: Hyundai Capital outlook stable

Standard & Poor's said it revised the outlook on the long-term credit ratings on Hyundai Capital Services Inc. and Hyundai Card Co. Ltd. to stable from negative.

The agency affirmed the BBB/A-2 ratings on Hyundai Capital and the BBB rating on Hyundai Card.

The action follows the revision to stable from negative on parent Hyundai Motor Co. (BBB-/stable) and also reflect the companies' relatively good financial performance in 2009, according to the agency.

Ratings on Hyundai Capital reflect its strong market position as the key captive financing arm of Hyundai Motor, its good profitability, as well as the company's high dependency on market-sensitive funding sources and business concentration in new-car financing, the agency said.

The rating on Hyundai Card reflects the company's strong capitalization and its good business relationship with Hyundai Motor, S&P said, as well as its high dependency on market-sensitive funding sources and less diversified business profile as a monoline credit card company.

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