Strong market position in the DRAM industry Strong technology position Good operational efficiency Significant industry cyclicality Highly leveraged balance sheet Rapid technology advancements The rating on Korea-based Hynix Semiconductor Inc. (Hynix; B+/Stable/--) reflects significant industry cyclicality, the company's highly leveraged balance sheet, and rapid technology advancements. These factors are offset by the company's strong market share in the global dynamic random access memory (DRAM) industry, strong technology positions, and good operational efficiency. At about 22% in 2009, Hynix had the second-largest market share in the global DRAM industry, following industry leader Samsung Electronics Co. Ltd. (Samsung Electronics; A/Stable/A-1), which had about 34%. Hynix is also the third-largest NAND flash memory supplier in the same period. In 2009, the company generated
