S&P ups Hynix to BB-

Standard & Poor's said it raised to BB- from B+ its long-term corporate credit rating on Hynix Semiconductor Inc., along with the rating on its senior unsecured notes to BB- from B+. The long-term corporate credit rating on Hynix Semiconductor Manufacturing America Inc. was withdrawn as its secured notes were fully repaid.

The outlook is stable.

The upgrade reflects Hynix's improving market position and the company's strong operating performance over the past few years and improved cash position, the agency said.

The ratings reflect the severe pricing pressures and the cyclical, capital-intensive nature of the commodity DRAM industry from which the company derives the bulk of its revenues, S&P said.

However, these industry risks are mitigated by the company's strong market share and good cost position, the agency added.

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