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Rating Action:

Moody's places ratings of four Chinese and Korean automotive parts suppliers under review for downgrade

 The document has been translated in other languages

27 Mar 2020

Hong Kong, March 27, 2020 -- Moody's Investors Service has today placed the ratings of four Chinese and Korean Automotive parts suppliers under review for downgrade.

The four companies are Hyundai Mobis Co., Ltd., Johnson Electric Holdings Limited, Nexteer Automotive Group Limited, and Yanfeng Global Automotive Interior Systems Co., Ltd.

A full list of the affected ratings can be found at the end of this press release.

RATINGS RATIONALE

"The rapid and widening spread of the coronavirus outbreak is creating a severe and extensive credit shock for Chinese and Korean automotive parts suppliers," said Gerwin Ho, a Vice President and Senior Credit Officer at Moody's. "The review for downgrade will focus on the impact on manufacturing operations, consumer demand, as well as on any government support and countermeasures taken by individual companies."

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The auto parts supplier sector -- and issuers within other sectors that rely on auto parts suppliers, such as the automotive original equipment manufacturer sector -- have been some of the sectors most significantly affected by the shock, given their sensitivity to consumer demand and sentiment.

More specifically, the weaknesses in the companies' credit profiles, including their exposure to final consumer demand for automobiles, have left them vulnerable to shifts in market sentiment in these unprecedented operating conditions and the companies remain vulnerable to the outbreak continuing to spread. Moody's regards the coronavirus outbreak as a social risk under its environmental, social and governance (ESG) framework, given the substantial implications for public health and safety. Today's action reflects the impact on the companies of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered.

The rating action on Hyundai Mobis also follows Moody's decision to place the ratings of its affiliate automakers Hyundai Motor Company (Baa1 review for downgrade) and Kia Motors Corporation (Baa1 review for downgrade) on review for downgrade, given the close linkages between the companies both from an operational and ownership perspective.

The reviews for downgrade will consider (i) the outbreak's impact on the manufacturing operations of the Chinese and Korean automotive parts suppliers and related issuers, as these issuers have largely globalised operations. A number of automotive original equipment manufacturers and auto parts suppliers have already temporarily closed facilities in order to ensure the safety of their employees. The review will assess the impact from facility closures and global automotive production declines these issuers are experiencing and will experience in the coming quarters.

The review will also consider (ii) the lingering impact of diminished consumer demand, resulting from consumer concerns surrounding the coronavirus outbreak, and government policies restricting consumer movement over coming quarters, (iii) the impact of government measures to support corporates and consumers in the companies' main markets, and (iv) the impact of potential countermeasures of the individual issuers.

The review will aggregate these effects in conjunction with the liquidity profiles of these issuers placed under review for downgrade. The level of cash, availability under liquidity facilities, financial maintenance covenant pressure, and the pressure of refinancing debt maturities coming due over the next 12-24 months will be major considerations in Moody's review of liquidity profiles. Moody's expects to conclude the review within 90 days.

The principal methodology used in these ratings was Automotive Supplier Methodology published in January 2020. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

List of Affected Credit Ratings

..Issuer: Hyundai Mobis Co., Ltd. (Lead Analyst: Wan Hee Yoo)

.... Long-term Issuer Rating (Local Currency), Placed on Review for Downgrade, currently Baa1

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Johnson Electric Holdings Limited (Lead Analyst: Stephanie Lau)

.... Long-term Issuer Rating (Foreign and Local Currency), Placed on Review for Downgrade, currently Baa1

....Long-term Senior Unsecured (Foreign Currency), Placed on Review for Downgrade, currently Baa1

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Nexteer Automotive Group Limited (Lead Analyst: Gerwin Ho)

.... Long-term Issuer Rating (Foreign and Local Currency), Placed on Review for Downgrade, currently Baa3

....Long-term Senior Unsecured (Foreign Currency), Placed on Review for Downgrade, currently Baa3

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Yanfeng Global Automotive Interior Systems Co., Ltd. (Lead Analyst: Gerwin Ho)

.... Long-term Issuer Rating (Foreign and Local Currency), Placed on Review for Downgrade, currently Baa3

....Outlook, Changed To Rating Under Review From Stable

REGULATORY DISCLOSURES

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.

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 entities are participating and the rated entities or their agent(s) generally provide 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

The person who approved Hyundai Mobis Co., Ltd. and Johnson Electric Holdings Limited's credit ratings is Chris Park, Associate Managing Director, Corporate Finance Group, 852 3758 1350, 852 3551 3077. The person who approved Nexteer Automotive Group Limited and Yanfeng Global Automotive Interior Systems Co., Ltd.'s credit ratings is Clement Wong, Associate Managing Director, Corporate Finance Group, 852 3758 1350, 852 3551 3077.

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.

Gerwin Ho
VP - Senior Credit Officer
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

Clement Cheuk Yiu Wong
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

No Related Data.
© 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.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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