HONG KONG (Standard&Poor's) March 14, 2014--Standard&Poor's Ratings Services today said that its ratings on Korea-based analog and mixed-signal semiconductor manufacturer MagnaChip Semiconductor Corp. (BB-/Stable/--) are not affected by the company's delay in filing its financial statements and its proposed restatement of previous financial statements. On March 11, 2014, MagnaChip announced it would restate its financial statements and delay filing its financial statements because it incorrectly recognized revenue on certain transactions. Revenue on these transactions was recognized when products were shipped to a distributor, but it should have been recognized when the distributor shipped the product to the customer. In our view, this restatement could dent the company's revenues and profits. Also, we view this event as
