Moody's ups Glovis view to stable

Moody's Investors Service said it revised the outlook of Glovis Co. Ltd.'s Baa3 issuer rating to stable from negative.

This follows Moody's decision to revise the outlook of Hyundai Motor Co.'s Baa3 rating to stable from negative. The action reflects the close linkage of the ratings between Glovis and Hyundai given the former's high dependence on the latter for revenue and operational support, Moody's said.

This suggests that a material degree of change in Hyundai Motor's credit strengths would significantly affect Glovis' business risks and financial profile, the agency said.

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