Moody's upgrades Amkor

Moody's Investors Service said it upgraded Amkor Technology, Inc.'s corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD, senior unsecured rating to B1 from B2 and speculative grade liquidity rating to SGL-1 from SGL-2.

The outlook is stable.

The upgrades follow the resumption of consistent free cash flow generation with the completion of the new K5 facility and the successful integration of J-Devices Corp., Moody's explained.

Moody's said it expects that free cash flow will steadily increase as capital expenditures have now declined to the historical average level of about $500 million annually.

The ratings also reflect Amkor's business position as the second largest outsourced semiconductor assembly and test company in the world after market leader Advanced Semiconductor Engineering, the agency said.

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