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Moody's Completed Periodic Review of Ratings of Hyundai Steel Company

Steel News - Published on Fri, 24 Jan 2020

Image Source: businesskorea.co.kr
Moody's Investors Service has completed a periodic review of the ratings of Hyundai Steel Company and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee.

Hyundai Steel Company's Baa2 issuer rating reflects its underlying credit strength and a two-notch rating uplift based on the expectation of support from Hyundai Motor group in times of need, given its importance within the group's value chain as the key auto-sheet supplier. Hyundai Steel's underlying credit strength is supported by the company's robust market position in Korea and the benefit of the large captive demand from Hyundai Motor group affiliates. Such strengths are offset by its softening earnings amid sluggish industry conditions, which will keep leverage metrics weak.

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Posted By : Rabi Wangkhem on Fri, 24 Jan 2020
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