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Moody's cuts Hynix Semiconductor view to negative
Moody's Investors Service said it changed to negative from stable the outlook for both Hynix Semiconductor, Inc.'s Ba2 corporate family rating and senior unsecured bond rating.
This action reflects Hynix's weakened liquidity profile and operating performance as a result of the prolonged downturn in the memory industry, Moody's said.
Although the company reported smaller operating losses in the second quarter of 2008 as compared to the first quarter, its performance for all of 2008 is likely to decline due to the severe drop in prices for global dynamic random access memory (DRAM) products, the agency said. Hynix may breach certain loan covenants, Moody's said.
Mitigating some of the liquidity concerns is the company's good access to funding from domestic bank and capital markets and the support from most of its creditors who are also the company's shareholders, the agency said.
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