S&P rates Semiconductor Manufacturing BBB-

Standard & Poor's said it assigned its BBB- long-term corporate credit rating to Semiconductor Manufacturing International Corp.

The outlook is stable.

At the same time, the agency assigned its cnA- long-term Greater China regional scale rating to Semiconductor Manufacturing.

"The rating on SMIC reflects our view of the benefits the company derives from its position as the largest and most technologically advanced foundry in China," S&P credit analyst Joe Poon said in a news release.

Semiconductor Manufacturing's weaker ability to develop advanced process technology than the global market leaders offsets these strengths. The company has a small operating scale relative to its global peers and faces execution risk from expansion. S&P said it assesses the company's business risk profile as "fair," its financial risk profile as "intermediate" and its management and governance as "fair."

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