Moody's lifts Hynix notes

Moody's Investors Service said it upgraded the rating of the senior secured notes issued by Hynix Semiconductor Manufacturing America Inc. (HSMA) to Ba3 from Caa2.

The rating action follows Moody's decision to affirm the Ba3 corporate family rating of Hynix Semiconductor Inc. (Hynix), the majority shareholder of HSMA, and remove it from provisional status, the agency noted.

Moody's said it considers that HSMA is one of the core assets of Hynix.

Moody's noted that Hynix has successfully raised $500 million in bonds and $750 million in syndicated bank loan to refinance debt due in 2006, which has removed its refinancing risk.

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