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Moody's puts Hyundai Capital on review for downgrade as parents face challenges

Moody's placed Hyundai Capital Services Inc.'s Baa1 long-term foreign-currency issuer and foreign-currency senior unsecured debt ratings on review for downgrade following similar actions on parent companies Hyundai Motor Co. and Kia Motors Corp.

The previous outlook on the captive finance company was negative.

The review for downgrade reflects the rating agency's view of the potential weakening of Hyundai Motor's ability to support Hyundai Capital, as the former is expected to deal with "significant challenges" from weaker demand for new vehicles over the coming months.

The review is also based on the potential pressure that the deteriorating operating environment and volatile market conditions could have on Hyundai Capital's profitability, asset quality and liquidity, according to Moody's.

The agency added that its review will assess the direct impact on the company's operations from coronavirus-related disruptions, particularly on its funding and liquidity.