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S&P cuts Amkor Technology loan to B, debt to B-, CCC
Standard & Poor's said it lowered its corporate credit rating on Amkor Technology, Inc. to B- from B, reflecting heightened liquidity concerns and depressed operating results.
S&P also cut Amkor's bank loan rating to B from B+, senior unsecured debt to B- from B and subordinated debt to CCC from CCC+.
S&P said the company remains committed to an aggressive capital spending plan, despite operating losses and $233 million of debt maturing in June 2006. The outlook is negative.
The ratings reflect strained financial flexibility, high operating and financial leverage and volatile and competitive industry conditions, according to S&P.
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