Fitch rates Hynix BB

Fitch Ratings said it assigned Hynix Semiconductor Inc. a long-term foreign-currency issuer default rating of BB.

The outlook is stable.

Fitch said the rating reflects Hynix's dominant position in the global memory semiconductor industry, its proven technology, efficient production and improved financial status. The company's financial profile has improved with its net debt-to-operating EBITDAR ratio declining to 0.4x in 2006 from 11.1x in 2001.

But, the agency said the rating is constrained by several tough challenges facing Hynix, including large capital expenditure needs and volatile prices.

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