S&P rates Hynix bonds BB-

Standard & Poor's said it assigned its BB- rating on Hynix Semiconductor Inc.'s (BB- with stable outlook) proposed $500 million global bonds maturing in 2017, which will replace the currently rated seven-year notes issued in 2005. The rating is subject to final documentation.

The rating reflects 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, as well as its improving market position in the NAND flash industry, the agency added.

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