S&P rates Kia notes BBB+

S&P said it rated Kia Corp.’s dollar-denominated senior unsecured a BBB+ rating.

“Our BBB+ issuer credit rating on Kia reflects the company’s integral role in Hyundai Motor Group’s (HMG) operations and future strategy, well-established position in the global auto market, and net cash position. However, tough business conditions and increasing investment needs for product mix improvement and new technologies temper these strengths,” S&P said in a press release.

The company plans to use the proceeds for refinancing.

The outlook is negative.

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