TOKYO (Standard&Poor's) Aug. 24, 2001--Standard&Poor's today lowered its long-term ratings on Korean-based Hynix Semiconductor Inc. and its subsidiary Hynix Semiconductor Manufacturing America Inc. (HSMA) to triple-'C'-plus from single-'B'. The ratings remain on CreditWatch, where they were placed with negative implications on Aug. 21, 2001. The downgrades are prompted by reports that Korea Exchange Bank, Hynix's main creditor bank, together with other creditor banks, is considering debt-for-equity swaps and various other types of financial support for the company. Should the new financial support package include a debt-for-equity swap (a measure that Hynix reportedly strongly opposes) or any other terms that are detrimental to some classes of creditors, the issuer credit ratings on Hynix and HSMA will be
