Moody’s ups Magna Chip

Moody’s Investors Service said it upgraded MagnaChip Semiconductor Corp.’s corporate family rating to B1 from B2.

“The upgrade reflects our expectation that MagnaChip’s display and power businesses will continue to drive the company’s robust revenue growth and higher profitability in the next two to three years, and that the company will, after its recent sale of the foundry services group business and Fab 4, maintain a solid financial profile with continued positive free cash flow generation,” said Gloria Tsuen, a Moody’s vice president and senior credit officer, in a press release.

The outlook is stable.

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