TOKYO (Standard&Poor's) Oct. 5, 2001--Standard&Poor's today lowered its issuer credit rating on Hynix Semiconductor Inc. to 'SD' from double-'C'. At the same time, Standard&Poor's affirmed its double-'C' rating on the senior secured debt (see list below) of Hynix's subsidiary, Hynix Semiconductor Manufacturing America Inc. (HSMA). Both ratings were removed from CreditWatch, where they were placed on Aug. 21, 2001. The rating actions follow the October 4 decision by 104 of Hynix's creditors, acting under the recently enacted corporate restructuring promotion law, to grant a three-month freeze on all debt repayments due to them. Standard&Poor's understanding is that the debt freeze does not extend to the rated HSMA notes. RATINGS LOWERED, OFF WATCH
