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Photo=Hyundai Glovis |
[Alpha Biz= Reporter Kim Sangjin] Hyundai Glovis Achieves AA+ Credit Rating from Korea Credit Rating Agency
Hyundai Glovis announced on the 11th that it has received an AA+ corporate credit rating from Korea Credit Rating Agency (Korea Ratings), one of the three major credit rating agencies in South Korea.
This upgrade from the previous AA rating is one level below the highest rating (AAA) in the domestic credit rating system. The credit outlook has also been rated as "Stable."
Korea Ratings attributed the credit rating upgrade to Hyundai Glovis’ diversified business portfolio and strong financial stability. A representative from Korea Ratings stated, "Hyundai Glovis possesses a diversified business portfolio, including logistics, distribution, and shipping, and has established a global logistics network through 96 overseas locations."
The company also received positive assessments for its financial stability. Korea Ratings commented, "Since 2023, Hyundai Glovis has transitioned into a net cash position through accumulating net profit and surplus cash flow. Despite a fixed asset investment plan of over 1 trillion KRW, it is expected to maintain a stable financial structure based on enhanced operational cash generation."
In May this year, Hyundai Glovis also received an AA rating from Korea Corporate Ratings and NICE Investors Service, further recognizing its solid management.
Based on this credit rating upgrade, Hyundai Glovis plans to accelerate efforts to enhance its corporate value. The company has set a goal to achieve over 40 trillion KRW in sales and a 7% operating profit margin by 2030, with a large-scale investment plan of approximately 9 trillion KRW to strengthen its global competitiveness.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
