Hyundai Motor Group Companies' Ratings Upgraded by Global Top Rating Agencies

These upgrades solidify both Hyundai Motor and Kia's positions as global mobility industry leaders, putting the Hyundai Motor and Kia brands on par with Mercedes-Benz, Toyota and Honda – the other major global mobility firms to receive 'A-grade' rankings from the top three global credit rating agencies.

Robust performance, flexible capabilities

According to S&P, Fitch and Moody's, both companies' ratings upgrades were driven by their robust financial performance, characterized by strong predicted double-digit profit margins and cash flow. Improved product competitiveness of the brands' diverse vehicle lineups, robust market positioning relating to electrification strategy, and a flexible production approach to meet changing global demands were also key contributing factors.

S&P outlined solid profit and cash flow following "three years of marked enhancement in profitability starting in 2021", adding, "Its solid portfolio of hybrid and BEVs should help support the company's competitive position amid the transition to electrification."

Fitch Ratings previously highlighted Hyundai Motor and Kia's improved brand strength and strong position in key markets, citing "geographical and product diversification, improved profitability and cash generation" as contributing factors to its upgrade.

Moody's Investors Service previously emphasized continued profitability and a strong balance sheet, among other factors.

More information about Hyundai Motor Group can be found at:
http://www.hyundaimotorgroup.com or Hyundai Media_Hubhttps://www.hyundai.com/worldwide/en/newsroom, Kia Global Media Center, Genesis Newsroom

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