Hyundai Capital's auto loan-backed bonds assigned AAA by S&P

By Kim Young-gyo
HONG KONG, April 10 (Yonhap) -- The global credit appraiser Standard & Poor's
said Saturday it has assigned "AAA," its highest rating available, to bonds
issued by Hyundai Capital Service Inc., an auto financing unit of South Korea's
Hyundai Kia Automotive Group.
Hyundai Capital has raised US$300 million by selling floating-rate bonds due
January 2016. The debt was backed by a pool of Korean won-denominated auto loan
receivables originated by South Korea's biggest consumer finance firm.
The high rating was also partly due to Hyundai Capital's capabilities in
underwriting, risk management and servicing, the credit appraiser said.
Hyundai Capital has been selling cross-border auto-loan debts since 2002, with
this transaction being its eighth cross-border securitization, according to S&P.
ygkim@yna.co.kr
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