Moody's rates MEMC, notes B1

Moody's Investors Service said it assigned to MEMC Electronic Materials, Inc. a first-time B1 corporate family rating, B1 probability of default rating and SGL-2 speculative-grade liquidity rating.

The agency also said it assigned a B1 (LGD 4, 54%) rating to its proposed $500 million senior notes due in 2019.

The proceeds will be used for general corporate purposes.

The outlook is stable.

The ratings are supported by MEMC's leadership position as the third largest global semi wafer manufacturer, fifth largest solar wafer manufacturer and largest North American solar power developer, Moody's said.

The ratings consider the company's broad materials product portfolio supported by a strong history of research and development and technical expertise, the agency said.

The ratings also reflect the highly competitive polysilicon semiconductor and solar wafer industry, intense pricing pressures and the company's high customer concentration, Moody's added.

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