Moody's cuts Hynix Semiconductor to Ba3

Moody's Investors Service said it downgraded Hynix Semiconductor, Inc.'s corporate family rating and senior unsecured bond rating to Ba3 from Ba2.

The outlook remains negative.

The downgrade reflects Hynix's weakened credit profile and operating performance as a result of the weaker-than-expected state of the memory industry, Moody's said, including severe drops in prices for global dynamic random access memory products.

But Moody's said it draws certain comfort from the support Hynix receives from most of its creditors, which are also shareholders.

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