Moody's lowers Amkor Technology

Moody's Investors Service said it downgraded Amkor Technology, Inc.'s corporate family rating to B1 from Ba3 and the senior unsecured rating to B2 from Ba3.

Moody's affirmed the speculative grade liquidity rating at SGL-2.

The outlook was revised to stable from negative.

Moody's said this follows the announcement that Amkor intends to issue up to an additional $250 million of senior notes due 2022 and reflects the recent closing of an additional $300 million of delayed draw term loans to Amkor's Korean subsidiary, which are structurally senior obligations with respect to the assets of the Korean subsidiary.

Moody's said the downgrade of the senior unsecured rating to B2 from Ba3 reflects the corporate family rating downgrade, the increase in the amount of secured debt at Amkor's operating subsidiary in Korea and the expected conversion or refinancing of the convertible subordinated notes due April 2014.

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