- Wilh. Wilhelmsen Holding ASA (STU:WML2) Q4 2025 Earnings Call Highlights: Strong Shareholder ...
Feb 12, 2026
This article first appeared on GuruFocus.
Total Shareholder Return: 49% for the year 2025. Shareholder Distribution: $117 million in buybacks and dividends. Investment in Businesses: Over $200 million invested within the portfolio. Contribution to Equity Holders: $129 million for the year. Proposed Dividend: 20 NOK per share with a potential additional 8.5 NOK. Maritime Services EBITDA: $112 million annually. New Energy EBITDA: $79 million annually. Contribution from Associates: $99 million, with $66 million from Walenus Williamson and $33 million from Hyundai Glovis. EPS: Over $15 per share. Cash Flow from Operations: Strong contributions from New Energy and Maritime Services. Debt Reduction: Significant debt paydown, with WMS being debt-free. Liquidity: Increasing over the last 5 years.
Warning! GuruFocus has detected 6 Warning Signs with HXGCF. Is STU:WML2 fairly valued? Test your thesis with our free DCF calculator.
Release Date: February 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Wilh. Wilhelmsen Holding ASA (STU:WML2) delivered a 49% total return to shareholders in 2025, indicating strong financial performance. The company distributed $117 million to shareholders through buybacks and dividends, reflecting a commitment to shareholder returns. Significant debt reduction was achieved during the year, strengthening the company's financial position. Investments of over $200 million were made in various business segments, demonstrating a focus on growth and expansion. The maritime services segment showed strong fundamentals, with significant profit improvements and efficiency programs in place.
Negative Points
The company faced a challenging and volatile macroeconomic backdrop, impacting overall operations. Currency fluctuations, particularly involving the USD, pose a significant threat to the maritime services segment. There was a notable decrease in contributions from associates like Walenus Williamson, affecting overall profitability. The export imbalance between China and Europe is causing challenges in the car and railroad industry, impacting profit levels. The company had to implement efficiency measures, including workforce reductions, to maintain operational efficiency.
Q & A Highlights
Q: How do you look at your ownership in Glovis? Do you have a long-term perspective on this? A: Yes, definitely. We see this as a very long-term strategic ownership. We've been an owner since 2004, and Glovis has developed tremendously over the years. They have a strong market position and balance sheet, and we maintain a good relationship with both Hyundai Glovis and the Hyundai Group. This is a long-term shareholding for us.
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Q: With a strong balance sheet and substantial cash inflow forecasted, where do you plan to allocate capital for future growth? Are you considering smaller bolt-on acquisitions or larger transactions? A: We are open to both smaller bolt-ons and larger acquisitions. Smaller acquisitions can be resource-intensive with limited financial impact but may offer strategic benefits. Larger acquisitions could strengthen our current portfolio or explore new areas, similar to our past ventures with Norsea Group. We are in a stronger financial position now, allowing us to be diligent and patient in our approach.
Q: What are your plans for the cash generated, considering the relatively low percentage of cash payout? A: We plan to invest in growth opportunities, buy back shares, pay dividends, and reduce debt. We aim to balance growth with shareholder returns, adapting to the volatile geopolitical and macroeconomic environment. Our strong platform should help us navigate through these challenges.
Q: Can you elaborate on the efficiency measures taken within the company? A: We've implemented significant efficiency programs, particularly in maritime services, to combat currency fluctuations and improve operations. These measures are crucial for maintaining profitability and competitiveness, especially given the volatile market conditions.
Q: How has the new energy segment performed, and what are the future prospects? A: The new energy segment had a strong quarter and year, driven by the Norsea Group and vessel sales. The weaker US dollar positively impacted this segment. We are optimistic about the future, with ongoing projects like unmanned vessels proving successful.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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- Our members knew it first: 2 AI-picked Korean Value Stocks are up 40%+ in January
Jan 21, 2026
Investing.com — After a remarkable rally in 2025, South Korean stocks are carrying that momentum straight into 2026. While many global investors are still targeting modest annual gains, those who know exactly where to allocate capital are already capturing monthly returns that rival what some major markets deliver over a full year.
That kind of performance does not happen by chance. In a market filled with fast-growing companies, the real advantage lies in identifying which stocks are about to surge before the broader market takes notice. When timing is everything, early insight becomes invaluable.
This is where AI-powered data analytics enters the picture. By processing thousands of financial signals, InvestingPro builds a monthly updated list of stocks that share the same characteristics historically associated with market-beating returns. No speculation. Just data-driven selection.
But does this AI-based strategy truly deliver? The results from this month provide a clear answer:
Hyundai Glovis (KOSE:A086280): +45.07% in January alone Kia Corp (KOSE:A000270): +41.30% in January alone DB HiTek (KOSE:A000990): +33.58% in January alone
These are not isolated successes. An investor who allocated the same amount to every stock included in our Korean Value Bargain Stocks strategy released on January 1 would be up an average of +14.70% in a single month, a level of performance many global markets require an entire year to achieve.
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But how does the AI behind these picks actually work?
At the start of each month, the AI refreshes every strategy with up to 20 new stock picks, analyzing more than 100 investor-grade financial models built on over 25 years of global market data. It identifies where risk and reward align best — removing underperformers, keeping promising names, and adding fresh opportunities.
To add further context, every pick comes with a clear and detailed rationale that explains exactly why the stock was added or removed.
The strategies use equal weighting across all selected stocks, creating a transparent and consistent way to track results. The goal is not just to find winners but also to recognize when better opportunities have surfaced or conditions have shifted.
Interested in international Markets? Check out the 12-year outperformance of Tech Titans over the S&P 500 below:Tech Titans Performance
This means a $100K principal in our strategy would have turned into an eye-popping $3,037,100.
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Disclaimer: Prices mentioned in articles are accurate at the time of publication. We regularly test different offers for our members, which may vary by region.
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- Hyundai Motor Shares Hit Records as Robotics Drive $24 Billion Rally
Jan 13, 2026
This article first appeared on GuruFocus.
Investor enthusiasm around robotics has injected fresh momentum into Hyundai Motor (HYMLF) group shares, which have added roughly $24 billion in market value so far this month as the theme carries into the new year. The automaker's stock jumped more than 10% on Tuesday to a new record after analysts lifted price targets following the debut of its Atlas humanoid at the CES technology show last week. That move has rippled across the group, with affiliates including Hyundai Glovis, Hyundai Mobis and Hyundai Autoever also reaching all-time highs.
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Warning! GuruFocus has detected 6 Warning Sign with HYMLF. Is HYMLF fairly valued? Test your thesis with our free DCF calculator.
A partnership with Nvidia, including collaboration linked to Atlas, has been a key catalyst behind rising interest in Hyundai's physical artificial intelligence ambitions over recent months. Investors appear to be reassessing the group after its shares lagged last year's rally in South Korea's equity market, which was dominated by excitement around AI memory chips and corporate reform stories. Some market participants suggest Hyundai's push into robotics and self-driving technologies could be altering perceptions of the company, while its valuation remains comparatively undemanding.
Hyundai Motor shares trade at 8.3 times forward earnings estimates, below the Kospi's multiple of 10, a gap that some see as leaving scope for further upside if sentiment holds. The broader backdrop includes growing investor demand for AI exposure tied to physical applications, with developments such as IPO preparations at HD Hyundai Robotics adding to the momentum. Separately, Hyundai's Boston Dynamics unit is estimated by Daol Investment & Securities to be worth 100 trillion won, or about $68 billion, though the group has said it has no concrete plans to pursue a listing of the US-based robotics firm acquired in 2020.
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- Hyundai is taking on Tesla and others in race to mass-produce humanoid robots
Jan 5, 2026
LAS VEGAS — Hyundai is joining the global push into robotics, announcing at CES 2026 that it plans to set up a manufacturing system capable of producing thousands of robots per year by 2028.
Atlas is among the most advanced humanoid robots in the world. You've likely seen videos online of the bot doing everything from maneuvering obstacle courses to picking up heavy boxes.
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Hyundai, which acquired a majority stake in Boston Dynamics in a 2021 deal that valued the company at $1.1 billion, said it will deploy Atlas in its facilities in 2028. The bot will focus on parts sequencing — ensuring vehicle parts are placed in the correct areas of a plant when they're needed.
The company said that by 2030 it will begin using Atlas for more complex tasks, including component assembly, and eventually for jobs that involve repetitive motions or require heavy lifting and other tasks.
On the manufacturing front, Hyundai said it will leverage its Hyundai Mobis auto parts arm and Hyundai Glovis logistics firm to develop an end-to-end robotics value chain that will allow it to produce some 30,000 robots a year.
Part of the plan calls for Hyundai to expand its robotics as a service (RaaS) model, in which customers pay for subscription plans to use the Hyundai's robots, to more companies.Hyundai said it's working to build thousands of robots by 2028. (Boston Dynamics)·Boston Dynamics
Hyundai isn't the only company looking to dominate the robotics space. Tesla (TSLA) CEO Elon Musk is keen on making the automaker's Optimus robots the go-to humanoid robots for businesses around the world.
Figure is developing humanoid robots for labor-intensive settings, the home, and outer space. Apptronik has its own Apollo humanoid bot, while Agility Robotics' Digit is already being used in some Amazon (AMZN) warehouses.
1X Technologies is already offering its Neo home robot via a $499 per month subscription or $20,000 to own it outright.
China's Unitree, meanwhile, sells its humanoid robot G1 for $13,500 and its more advanced H1 for $90,000.
Companies like Nvidia (NVDA), which has partnered with Hyundai, are also looking to physical AI and humanoid robotics as the next major breakthrough areas for their processing capabilities.
Manufacturing, logistics, and shipping firms have been using various robots for years, but humanoid bots are still a relatively new frontier. The idea is that humanoid robots will be able to slide into roles that are too dangerous or tedious for humans without requiring large-scale changes to things like factory floors.
Similarly, humanoid robots could prove helpful in hospital and care facilities.
But so far, home robots have been largely limited to things like robot vacuums. Amazon has its own non-humanoid Astro home robot that serves as a kind of rolling security guard, and Samsung is working on its Ballie robot.
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It also remains to be seen whether consumers will be comfortable sharing their living spaces with robots that are roughly the same size as them.
That said, at the rate the tech is advancing, we could find out sooner rather than later.Sign up for Yahoo Finance's Week in Tech newsletter.·yahoofinance
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Click here for the latest technology news that will impact the stock market
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- CaPow and Manufacturing Revolution Partner to Deliver Genesis Power-in-Motion to the Midwest
Oct 23, 2025
BE'ER SHEVA, Israel and KANSAS CITY, Mo., Oct. 23, 2025 /PRNewswire/ -- CaPow (https://capow.energy/) , the Israeli technology company behind the Genesis Power–in–Motion platform, has announced a partnership with Manufacturing Revolution to bring in–motion energy delivery to manufacturers across the U.S. Midwest. CaPow's tech keeps mobile robots like AGVs and AMRs charging while in motion, eliminating all charging downtime and the need for backup robots or charging stations. Companies like Toyota and Hyundai Glovis are deploying CaPow to deliver 100% uptime for 100% of their mobile robot fleets.
Under the agreement, Kansas City based Manufacturing Revolution will integrate CaPow's Genesis platform into its automation projects and help customers roll out the system without disrupting existing infrastructure. Genesis delivers brief bursts of power as AGVs, AMRs and ASRS units travel over its antennas; this keeps robots in a positive energy state and reduces fleet sizes, extends battery life, and returns valuable floor space once taken up by charging stations to the end user. CaPow's installations have already demonstrated continuous robot operation, significant productivity gains and strong return on investment.
Prof. Mor Peretz, Co–Founder and CEO of CaPow, said: "Manufacturers tell us that every minute of downtime hurts their margins. Our Power–in–Motion technology was designed to erase that bottleneck. We're proud to partner with Manufacturing Revolution to extend that benefit to the Midwest, home to so many of America's manufacturers."
Steven Ham, Director of Business Development at Manufacturing Revolution, added: "Our mission is to help manufacturers adopt cutting–edge automation without the burden of maintaining in–house specialists. CaPow's Genesis platform fits that mission perfectly. It lets our customers keep robots moving, reclaim floor space and avoid the challenges of traditional charging infrastructure."
About CaPow
CaPow is a pioneer in efficient power delivery for robotic fleets. Its patented Power–in–Motion technology transfers energy to mobile robots while they are in motion, eliminating downtime and ensuring continuous throughput. The Genesis system integrates seamlessly into existing warehouse and factory infrastructure, enabling operators, automation specialists and OEMs to maximize efficiency while dramatically reducing overall expenses. Based in Be'er Sheva, Israel, CaPow has raised $25 million from investors including Toyota Ventures, Elements and IL Ventures and employs 33 people.
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About Manufacturing Revolution
Manufacturing Revolution delivers on–demand automation expertise to help manufacturers reduce costs, increase efficiency and stay competitive. Headquartered in Kansas City, MO, the company designs and implements flexible, scalable solutions—spanning robotics integration, vision systems, MES dashboards and IIoT platforms—without the overhead of full–time automation staff. Led by industry veteran Steven Ham, Manufacturing Revolution works alongside plant personnel to modernize operations today and evolve with future needs.
Contact information:
Rebecca Barel
info@capow.energy +972-525292526Cision
View original content:https://www.prnewswire.com/news-releases/capow-and-manufacturing-revolution-partner-to-deliver-genesis-powerinmotion-to-the-midwest-302592903.html
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- Hyundai Glovis Partners with Lab021 to Deploy ‘Vessellink’
Jul 17, 2025
Driving Digital Transformation in Maritime Carbon Management
TOKYO, July 17, 2025--(BUSINESS WIRE)--Hyundai Glovis, a global leader in smart logistics, has entered a strategic partnership with maritime IT solutions provider Lab021 to implement Vessellink, an advanced digital reporting system designed for ship operations.
The collaboration aims to integrate Vessellink for Ship, Lab021’s flagship platform, into Hyundai Glovis’s maritime operations. This system automates data collection, analysis, and reporting of critical vessel metrics such as real-time voyage monitoring, carbon emissions, and operational efficiency. By digitizing these processes, Hyundai Glovis seeks to enhance operational intelligence and agility while reducing reliance on manual reporting.
This initiative is timely as the maritime industry faces increasing regulatory demands on decarbonization. The International Maritime Organization (IMO) is advancing measures targeting greenhouse gas reduction, including stricter carbon intensity standards and the introduction of a global carbon pricing mechanism expected around 2027.
In parallel, the European Union’s FuelEU Maritime regulation, effective in 2025, requires vessels calling at EU ports to progressively increase the use of low-carbon fuels. Additionally, the EU Emissions Trading System (EU ETS) extended its scope to include shipping in 2024 and plans full emissions coverage by 2026.
By adopting Vessellink, Hyundai Glovis positions itself ahead of these regulatory requirements, strengthening its Environmental, Social, and Governance (ESG) commitments. The platform’s detailed emissions tracking and real-time reporting improve transparency and build trust with global customers and regulators.
A Hyundai Glovis spokesperson commented, "We are upgrading our data management to align with the maritime sector’s goals for decarbonization and digital innovation. Vessellink enables compliance and streamlines our operations. We look forward to expanding our partnership with Lab021 to develop smarter, greener shipping solutions."
Lab021 CEO Sangbong Lee added, "Vessellink represents the future of maritime digitalization, merging precise vessel data with intelligent automation. Our partnership with Hyundai Glovis marks a key step in expanding global adoption of data-driven carbon management tools in shipping."
This collaboration highlights Hyundai Glovis’s commitment to future-proofing its maritime activities and reflects the broader industry trend where digital transformation is essential for sustainable shipping.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250716141805/en/
Contacts
Michael(Minwoog) Kang Sales Team / Director
LAB021 Co.,Ltd, 72, Chungjang-daero 5beon-gil, Jung-gu, Busan, Republic of Korea
T : +82 70 8820 8903 F : +82 51 980 6550 M : +82 010 8642 7017
E : sales@vessellink.com , mwkang@vessellink.com W : home.vessellink.com
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- Hyundai Glovis set-up world's first EV specialized marine transportation solutions
Jun 2, 2021
SEOUL, South Korea, June 2, 2021 /PRNewswire/ -- Hyundai Glovis, one of the largest logistics companies in South Korea, announced specialized EV handling solution for car carriers to cope with spreading EV shipping market. Hyundai Glovis PCTC at the port of Bremerhaven in Germany (PRNewsfoto/Hyundai Glovis Co., Ltd)
Hyundai Glovis has recently set a new manual for EV ocean transportation and applied specialized solution in loading-shipping-unloading process. Since EV has different characteristics from conventional internal combustion vehicles, it requires a new customized EV handling solution.
Hyundai Glovis has established a shipping guide tailored to the characteristics of EVs and applied it to the work place.
First of all, Hyundai Glovis provides EV customized management service by marking 'EV' on shipping request to distinguish from combustion vehicle.
Also, Hyundai Glovis has been developing the customized system to share EV condition/SOC(state of charge)/other shipper's requesting information in advance automatically to shipper.
And loaded vehicles are subject to under constant checking procedure including battery condition, exterior, and etc. to keep utmost cargo quality.
Also collective data including temperature and humidity of loading deck, and battery consumption during transportation are shared on the shipper side.
On the other hand, Hyundai Glovis plans to target not only current ordinary OEM makers but also new EV makers.
Compared to current OEM makers, new EV makers may have short logistics experience. So, Hyundai Glovis provide one-stop service, that is all-inclusive terminal/land/sea transportation.
Hyundai Glovis set the EV emergency manual and made quarterly EV emergency training mandatory.
Recently Hyundai Glovis has signed an MOU with Korean Resister for JDP of safe sea transportation of EV and both parties sympathized each other to improve/advance the EV shipping in terms of ship stability/safety by this MOU.
Also, it is under development for installation of safety equipment and customized EV equipment for new built vessel.
Story continues
In cooperation with Korean Register, one of the seven best ship classifications in the world, Hyundai Glovis expects to top up its trust and credibility.
Hyundai Glovis assumed about 40% share in global EV car carrier market by carrying 180,000 Evs last year based on 90 car-carrier fleet and 80 global networks.
It is Hyundai Glovis's concern to set up a specialized EV ocean transportation for preemptive response in the era of EV shift.
For a full article, please visit : https://www.glovis.net/Kor/news/communityid/6/view.do?idx=3806 Hyundai Glovis PCTC on the voyage (PRNewsfoto/Hyundai Glovis Co., Ltd)
SOURCE Hyundai Glovis Co., Ltd
- Hyundai Glovis set-up world's first EV specialized marine transportation solutions
Jun 2, 2021
SEOUL, South Korea, June 2, 2021 /PRNewswire/ -- Hyundai Glovis, one of the largest logistics companies in South Korea, announced specialized EV handling solution for car carriers to cope with spreading EV shipping market. Hyundai Glovis PCTC at the port of Bremerhaven in Germany (PRNewsfoto/Hyundai Glovis Co., Ltd)
Hyundai Glovis has recently set a new manual for EV ocean transportation and applied specialized solution in loading-shipping-unloading process. Since EV has different characteristics from conventional internal combustion vehicles, it requires a new customized EV handling solution.
Hyundai Glovis has established a shipping guide tailored to the characteristics of EVs and applied it to the work place.
First of all, Hyundai Glovis provides EV customized management service by marking 'EV' on shipping request to distinguish from combustion vehicle.
Also, Hyundai Glovis has been developing the customized system to share EV condition/SOC(state of charge)/other shipper's requesting information in advance automatically to shipper.
And loaded vehicles are subject to under constant checking procedure including battery condition, exterior, and etc. to keep utmost cargo quality.
Also collective data including temperature and humidity of loading deck, and battery consumption during transportation are shared on the shipper side.
On the other hand, Hyundai Glovis plans to target not only current ordinary OEM makers but also new EV makers.
Compared to current OEM makers, new EV makers may have short logistics experience. So, Hyundai Glovis provide one-stop service, that is all-inclusive terminal/land/sea transportation.
Hyundai Glovis set the EV emergency manual and made quarterly EV emergency training mandatory.
Recently Hyundai Glovis has signed an MOU with Korean Resister for JDP of safe sea transportation of EV and both parties sympathized each other to improve/advance the EV shipping in terms of ship stability/safety by this MOU.
Also, it is under development for installation of safety equipment and customized EV equipment for new built vessel.
Story continues
In cooperation with Korean Register, one of the seven best ship classifications in the world, Hyundai Glovis expects to top up its trust and credibility.
Hyundai Glovis assumed about 40% share in global EV car carrier market by carrying 180,000 Evs last year based on 90 car-carrier fleet and 80 global networks.
It is Hyundai Glovis's concern to set up a specialized EV ocean transportation for preemptive response in the era of EV shift.
For a full article, please visit : https://www.glovis.net/Kor/news/communityid/6/view.do?idx=3806 Hyundai Glovis PCTC on the voyage (PRNewsfoto/Hyundai Glovis Co., Ltd)
SOURCE Hyundai Glovis Co., Ltd
- Hyundai Glovis Co., Ltd. -- Moody's changes Hyundai Glovis' outlook to stable from negative; affirms Baa1 rating
Mar 26, 2021
Rating Action: Moody's changes Hyundai Glovis' outlook to stable from negative; affirms Baa1 ratingGlobal Credit Research - 26 Mar 2021Hong Kong, March 26, 2021 -- Moody's Investors Service has changed the outlook on Hyundai Glovis Co., Ltd. to stable from negative. At the same time, Moody's has affirmed Hyundai Glovis' Baa1 issuer rating.This rating action follows Moody's affirmation of Hyundai Motor Company's (HMC, Baa1 stable) rating with a stable outlook on 26 March 2021."The change in outlook to stable mirrors the rating action on HMC, given the close credit linkage between Hyundai Glovis and the Hyundai Motor Group," says Sean Hwang, a Moody's Assistant Vice President and Analyst."The rating action also recognizes Hyundai Glovis' stable business profile and improved financial metrics, which support to the company's Baa1 rating," adds Hwang.RATINGS RATIONALEHyundai Glovis' Baa1 rating is underpinned by the company's operational stability, which stems from the large captive demand from Hyundai Motor Group and its low-risk business model based on a flexible cost structure. This business stability mitigates the risks associated with its high exposure to the cyclicality in the global auto industry.Hyundai Glovis' financial profile should remain solid over the next one to two years, supported by recovering earnings, largely stable debt and sizeable cash holdings.Moody's expects Hyundai Glovis' revenue to rebound to a low-teen percentage in 2021, because of recovering logistics and shipping demand from Hyundai Motor Group's affiliates and other global automakers. This rebound should, in turn, lead to healthy profitability and robust operating cash flow.Hyundai Glovis plans to increase its investments to around KRW800 billion in 2021 from KRW178 billion in 2020, mainly for the expansion of its fleet and logistics infrastructure and incremental acquisitions. However, its debt growth will likely be limited over the next one to two years, because this planned investment amount can mostly be covered by its operating cash flow and excess cash holdings.Given the projected earnings improvement and largely stable debt, Moody's expects Hyundai Glovis' adjusted debt/EBITDA to improve around 2.7x-3.0x in 2021-22 from around 3.3x in 2020.This level of financial leverage is consistent with the company's Baa1 rating, especially considering the company's large cash holdings of around KRW2.3 trillion at the end of 2020, which was equivalent to about two-thirds of its debt and lease obligations.Also, Moody's continues to believe Hyundai Motor group companies, such as HMC and Kia, have strong willingness and ability to provide financial support to Hyundai Glovis in times of need, given the latter's strategic importance to the group and HMC and Kia's strong financial capacity.In terms of governance considerations, the rating considers the fact that Hyundai Glovis (1) is 30.0% owned by Hyundai Motor Group's chairman and his son, and (2) holds close business ties to Hyundai Motor group affiliates -- a situation that can create conflicts of interest and raise regulatory scrutiny. That said, this concern is mitigated by the fact that the company benefits from the business from its affiliates and meets regulatory requirements.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGHyundai Glovis' rating could be upgraded if: (1) HMC's rating is upgraded, and (2) Hyundai Glovis maintains its operational stability and solid financial profile.On the other hand, Hyundai Glovis' rating would be downgraded if HMC's rating is downgraded.Hyundai Glovis' rating could also be downgraded if the company's profitability weakens or if it undertakes significant debt-funded investments, such that its operating margin falls to below 3.0%, or adjusted debt/EBITDA exceeds 4.0x while its cash holdings decrease significantly on a sustained basis.The principal methodology used in this rating was Surface Transportation and Logistics published in May 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1113382. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Hyundai Glovis Co., Ltd. is effectively the exclusive logistics solutions provider for the Hyundai Motor group. The company also provides logistics services to third parties and operates a used car auction business.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The rating has been disclosed to the rated entity or its designated agent (s) and issued with no amendment resulting from that disclosure.This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entity is participating and the rated entity or its agent(s) generally provides Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating. Sean Hwang Asst Vice President - Analyst Corporate Finance Group Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Chris Park Associate Managing Director Corporate Finance Group JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Releasing Office: Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
- Hyundai Glovis Co., Ltd. -- Moody's changes Hyundai Glovis' outlook to stable from negative; affirms Baa1 rating
Mar 26, 2021
Rating Action: Moody's changes Hyundai Glovis' outlook to stable from negative; affirms Baa1 ratingGlobal Credit Research - 26 Mar 2021Hong Kong, March 26, 2021 -- Moody's Investors Service has changed the outlook on Hyundai Glovis Co., Ltd. to stable from negative. At the same time, Moody's has affirmed Hyundai Glovis' Baa1 issuer rating.This rating action follows Moody's affirmation of Hyundai Motor Company's (HMC, Baa1 stable) rating with a stable outlook on 26 March 2021."The change in outlook to stable mirrors the rating action on HMC, given the close credit linkage between Hyundai Glovis and the Hyundai Motor Group," says Sean Hwang, a Moody's Assistant Vice President and Analyst."The rating action also recognizes Hyundai Glovis' stable business profile and improved financial metrics, which support to the company's Baa1 rating," adds Hwang.RATINGS RATIONALEHyundai Glovis' Baa1 rating is underpinned by the company's operational stability, which stems from the large captive demand from Hyundai Motor Group and its low-risk business model based on a flexible cost structure. This business stability mitigates the risks associated with its high exposure to the cyclicality in the global auto industry.Hyundai Glovis' financial profile should remain solid over the next one to two years, supported by recovering earnings, largely stable debt and sizeable cash holdings.Moody's expects Hyundai Glovis' revenue to rebound to a low-teen percentage in 2021, because of recovering logistics and shipping demand from Hyundai Motor Group's affiliates and other global automakers. This rebound should, in turn, lead to healthy profitability and robust operating cash flow.Hyundai Glovis plans to increase its investments to around KRW800 billion in 2021 from KRW178 billion in 2020, mainly for the expansion of its fleet and logistics infrastructure and incremental acquisitions. However, its debt growth will likely be limited over the next one to two years, because this planned investment amount can mostly be covered by its operating cash flow and excess cash holdings.Given the projected earnings improvement and largely stable debt, Moody's expects Hyundai Glovis' adjusted debt/EBITDA to improve around 2.7x-3.0x in 2021-22 from around 3.3x in 2020.This level of financial leverage is consistent with the company's Baa1 rating, especially considering the company's large cash holdings of around KRW2.3 trillion at the end of 2020, which was equivalent to about two-thirds of its debt and lease obligations.Also, Moody's continues to believe Hyundai Motor group companies, such as HMC and Kia, have strong willingness and ability to provide financial support to Hyundai Glovis in times of need, given the latter's strategic importance to the group and HMC and Kia's strong financial capacity.In terms of governance considerations, the rating considers the fact that Hyundai Glovis (1) is 30.0% owned by Hyundai Motor Group's chairman and his son, and (2) holds close business ties to Hyundai Motor group affiliates -- a situation that can create conflicts of interest and raise regulatory scrutiny. That said, this concern is mitigated by the fact that the company benefits from the business from its affiliates and meets regulatory requirements.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGHyundai Glovis' rating could be upgraded if: (1) HMC's rating is upgraded, and (2) Hyundai Glovis maintains its operational stability and solid financial profile.On the other hand, Hyundai Glovis' rating would be downgraded if HMC's rating is downgraded.Hyundai Glovis' rating could also be downgraded if the company's profitability weakens or if it undertakes significant debt-funded investments, such that its operating margin falls to below 3.0%, or adjusted debt/EBITDA exceeds 4.0x while its cash holdings decrease significantly on a sustained basis.The principal methodology used in this rating was Surface Transportation and Logistics published in May 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1113382. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Hyundai Glovis Co., Ltd. is effectively the exclusive logistics solutions provider for the Hyundai Motor group. The company also provides logistics services to third parties and operates a used car auction business.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The rating has been disclosed to the rated entity or its designated agent (s) and issued with no amendment resulting from that disclosure.This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entity is participating and the rated entity or its agent(s) generally provides Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating. Sean Hwang Asst Vice President - Analyst Corporate Finance Group Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Chris Park Associate Managing Director Corporate Finance Group JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Releasing Office: Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
