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S&P cuts ASAT notes to CCC
Standard & Poor's said it lowered its long-term corporate credit rating on ASAT Holdings Ltd. to CCC from B-, reflecting heightened liquidity concerns and persistent operating losses. The agency also lowered to CCC from B- the rating on $150 million in 9¼% senior notes due 2011 that are guaranteed by ASAT.
The outlook is negative.
The rating reflects the company's very weak liquidity and financial position, limited financial flexibility due to a heavy debt burden, concentrated customer base and exposure to the highly competitive and cyclical semiconductor industry, S&P said.
These weaknesses are partly offset by opportunities for the company to increase its profitability through ongoing cost-cutting measures and access to advanced packaging technologies, the agency added.
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