Moody's upgrades Hynix

Moody's Investors Service said it upgraded the corporate family and senior unsecured debt ratings of Hynix Semiconductor to Ba3 from B1 after SK Telecom Co. Ltd. completed its acquisition of a 21.05% stake in the company on Feb. 14.

The outlook is positive.

This action concludes a review for upgrade that began in November 2011, Moody's said.

The upgrade reflects a view that Hynix will be an important investment for SK Telecom and a growth engine in the integrated circuit technology category, the agency said.

Moody's also said it expects that SK Telecom will take an active role in supporting Hynix's business strategy, particularly in light of its board representation and the proposed renaming of the company to SK-Hynix.

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