Moody's ups Hyundai Mobis

Moody's Investors Service said it upgraded Hyundai Mobis Co.'s issuer rating to Baa1 from Baa2.

The outlook is stable.

Moody's said the action follows the upgrade of Hyundai Motor Co.'s ratings to Baa1 from Baa2 with a stable outlook.

"The rating action reflects the close linkage between the ratings of Hyundai Mobis and Hyundai Motor, given the former's high dependence on the latter for revenue and the high likelihood of financial support from Hyundai Motor in a distressed scenario," Moody's vice president and senior analyst Chris Park said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.