미국 신용평가사인 무디스(Moody's)가 현대캐피탈에 대해 기존 신용등급 'Baa2'를 그대로 유지했다.
22일 무디스는 현대캐피탈의 외화표시 선순위 채권등급을 기존 'Baa2'로 유지하고, 등급전망을 '부정적'으로 제시했다.
무디스는 "글로벌 영업환경의 악화에도 불구하고 현대캐피탈의 신용 펀더멘털이 견조한 상태를 유지하고 있다는 점을 반영했다"며 등급 유지 결정 배경을 설명했다.
또한 이번 현대캐피탈의 부정적 등급전망에 대해서는 "현대차의 등급전망을 부정적으로 제시한 것과 같은 이유"라면서, "반대로 현대차의 등급 전망이 부정적이었던 이유는 현대캐피탈을 지원할 능력 면에서 부담이 되고 있다는 점을 감안한 것"이라고 설명했다.
앞으로는 현대캐피탈의 자체 신용등급 외에도 양대 주주인 현대차와 G캐피탈이 어려울 때 지원할 수 있을 것인 지 여부도 검토할 것이라고 무디스는 밝혔다.
다음은 무디스의 발표문 전문이다.
Moody's confirms Hyundai Capital Service's Baa2; outlook negative
Around USD867 million in debt securities affected
Hong Kong, April 22, 2009 -- Moody's Investors Service has confirmed the Baa2 foreign currency senior debt rating of Hyundai Capital Services ("HCS"). The rating outlook is negative.
This concludes Moody's review for possible downgrade initiated on January 22, 2009.
"The rating action reflects Moody's view that HCS' fundamental credit strengths remain solid against the backdrop of a challenging global operating environment," says Youngil Choi, a Moody's Vice President and Senior Analyst.
"HCS' return on total managed assets was stable at 2.2% in 2008 -- the same as that in 2007 -- as its margin increases compensated for rising credit costs," says Choi, adding, "Its NPL ratio stood at 1.6% at end-2008, up from 1.4% a year ago, and may rise further with the ongoing economic downturn, while short-term debt to total managed debt stood at 41% against 42%."
"The negative outlook is in line with a previous Moody's action which confirmed Hyundai Motor Company's ratings with a negative outlook because of the risk of a more severe downturn in the global auto industry, given the linkage between Hyundai Motor Company and HCS," says Choi.
"In addition, the negative outlook on Hyundai Motor Company's ratings would imply increasing pressure on its capacity to support HCS, if needed," says Choi.
Looking ahead, Moody's will continue to examine HCS' stand-alone credit strength as well as the support available from its two major shareholders (Hyundai Motor Company: Baa3, and GE Capital Corporation: Aa2) against the backdrop of an unfavourable global operating environment.
Moody's last rating action with respect to HCS was taken on 22 January 2009, when the rating was placed on review for possible downgrade.
The principal methodology used in rating HCS is "Analyzing the Credit Risks of Finance Companies". This methodology can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory.
Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.
Hyundai Capital Services, Inc was established in 1993 and is a provider of auto finance as well as other consumer finance products in Korea. It had KRW 16.1 trillion (equivalent to about USD 11.7 billion at an exchange rate of KRW 1,377.1 to the dollar) in reported assets as at end-2008.
22일 무디스는 현대캐피탈의 외화표시 선순위 채권등급을 기존 'Baa2'로 유지하고, 등급전망을 '부정적'으로 제시했다.
무디스는 "글로벌 영업환경의 악화에도 불구하고 현대캐피탈의 신용 펀더멘털이 견조한 상태를 유지하고 있다는 점을 반영했다"며 등급 유지 결정 배경을 설명했다.
또한 이번 현대캐피탈의 부정적 등급전망에 대해서는 "현대차의 등급전망을 부정적으로 제시한 것과 같은 이유"라면서, "반대로 현대차의 등급 전망이 부정적이었던 이유는 현대캐피탈을 지원할 능력 면에서 부담이 되고 있다는 점을 감안한 것"이라고 설명했다.
앞으로는 현대캐피탈의 자체 신용등급 외에도 양대 주주인 현대차와 G캐피탈이 어려울 때 지원할 수 있을 것인 지 여부도 검토할 것이라고 무디스는 밝혔다.
다음은 무디스의 발표문 전문이다.
Moody's confirms Hyundai Capital Service's Baa2; outlook negative
Around USD867 million in debt securities affected
Hong Kong, April 22, 2009 -- Moody's Investors Service has confirmed the Baa2 foreign currency senior debt rating of Hyundai Capital Services ("HCS"). The rating outlook is negative.
This concludes Moody's review for possible downgrade initiated on January 22, 2009.
"The rating action reflects Moody's view that HCS' fundamental credit strengths remain solid against the backdrop of a challenging global operating environment," says Youngil Choi, a Moody's Vice President and Senior Analyst.
"HCS' return on total managed assets was stable at 2.2% in 2008 -- the same as that in 2007 -- as its margin increases compensated for rising credit costs," says Choi, adding, "Its NPL ratio stood at 1.6% at end-2008, up from 1.4% a year ago, and may rise further with the ongoing economic downturn, while short-term debt to total managed debt stood at 41% against 42%."
"The negative outlook is in line with a previous Moody's action which confirmed Hyundai Motor Company's ratings with a negative outlook because of the risk of a more severe downturn in the global auto industry, given the linkage between Hyundai Motor Company and HCS," says Choi.
"In addition, the negative outlook on Hyundai Motor Company's ratings would imply increasing pressure on its capacity to support HCS, if needed," says Choi.
Looking ahead, Moody's will continue to examine HCS' stand-alone credit strength as well as the support available from its two major shareholders (Hyundai Motor Company: Baa3, and GE Capital Corporation: Aa2) against the backdrop of an unfavourable global operating environment.
Moody's last rating action with respect to HCS was taken on 22 January 2009, when the rating was placed on review for possible downgrade.
The principal methodology used in rating HCS is "Analyzing the Credit Risks of Finance Companies". This methodology can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory.
Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.
Hyundai Capital Services, Inc was established in 1993 and is a provider of auto finance as well as other consumer finance products in Korea. It had KRW 16.1 trillion (equivalent to about USD 11.7 billion at an exchange rate of KRW 1,377.1 to the dollar) in reported assets as at end-2008.
