Moody’s rates SK Hynix notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to SK Hynix Inc.’s proposed dollar-denominated notes.

“SK Hynix's Baa2 rating reflects its strong position as the world's second-largest memory chip producer and the likelihood of support from its largest shareholder, SK Telecom Co., Ltd., in case of need, which results in a one-notch rating uplift from its underlying credit quality,” says Sean Hwang, a Moody's analyst.

The outlook is negative.

The negative outlook reflects the company’s declining financial flexibility and increasing debt, Moody’s said.

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