- Positive outlook forecast from Hyundai affiliation
- Upgrade reflects continued profitability
SEOUL 22 July 2003 - Kia Motors - credit rating has been upgraded from BB to BB+, according to an announcement by Standard and Poor`s.
Rating the outlook positive, S&P forecast that Kia would continue to benefit from its affiliation with the Hyundai Automotive Group. Kia became a part of the Group in September 2000. S&P also cited Kia`s solid profitability and improving international brand image as cause for optimism.
"Kia Motors has maintained consistently profitable growth since 1999," says Kia COO Yong-Hwan Kim. "The upgrade by S&P is a clear indication that the company is on the right track. We have reduced costs, improved quality and increased our market share around the world. The result is that Kia Motors is one of the fastest growing, most competitive brands on the market today."
Founded in 1944, Kia Motors Corporation (www.kia.co.kr) is Korea`s oldest manufacturer of automobiles. A part of the Hyundai Automobile Group, the company currently sells more than one million vehicles per year worldwide and maintains a network of distributors that covers 190 countries. Kia Motors is the major sponsor of the Australian Tennis Open and the international sponsor of the Davis Cup for the Euro/Africa zone.