Moody's ups Stats ChipPAC

Moody's Investors Service said it upgraded Stats ChipPAC Ltd.'s corporate family rating and foreign-currency debt ratings to Ba1 from Ba2.

The upgrade concludes the review begun on March 1, and the outlook is stable.

"The rating upgrade reflects [the company's] improved operating and financial profiles with continued free cash flow generation on the back of favorable industry fundamentals," Wonnie Chu, Moody's lead analyst for the company, said in a written statement. "The company maintains its strong market position with a more diversified customer base."

Moody's also changed to medium from low the support level for Stats ChipPAC from its parent, Singapore Technologies Semiconductors Pte Ltd.

The Ba1 rating reflects the issuer's stand-alone credit fundamental and the likelihood of credit support if needed, Moody's said.

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