S&P upgrades SK Hynix

Standard & Poor's said it raised to BB+ from BB the long-term corporate credit ratings on SK Hynix Inc.

The agency also said it removed the ratings from CreditWatch, where they were placed with positive implications in November.

The outlook is stable.

"We base our upgrade primarily on a reassessment of both industry risk for Hynix and its competitive position," said JunHong Park, an S&P analyst.

Market consolidation and rising barriers to entry have somewhat moderated risk in the global memory semiconductor sector, Park said in a press release.

Also, the agency said it believes the company is modestly strengthening its competitive position, mainly through gradual improvement in its market position and operating efficiency.

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