S&P elevates MagnaChip Semiconductor

S&P said it raised its issuer credit rating on MagnaChip Semiconductor Corp. to B from B-.

The outlook is positive.

“The upgrade reflects MagnaChip's likely improved financial ratios following its use of asset sale proceeds to pay down debt,” S&P said in a news release.

On Oct. 6, the company said it had redeemed all of its 6 5/8% senior notes due 2021 on Oct. 2, 2020. It paid approximately $227.4 million to fully redeem all of the outstanding $224.25 million aggregate principal amount of the notes, including accrued and unpaid interest.

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