TOKYO (Standard&Poor's CreditWire) May 24, 2001--Standard&Poor's today assigned its single-'B'-minus corporate credit rating to Korea-based Hynix Semiconductor Inc. (the former Hyundai Electronics Industries Co. Ltd.). Standard&Poor's also assigned its single-'B'-minus rating to Hynix Semiconductor's proposed US$350 million senior unsecured notes due 2011. At the same time, the ratings were placed on CreditWatch with developing implications, meaning they could be raised, lowered, or affirmed. Resolution of the CreditWatch placement will depend on the success of the company's recapitalization program. The ratings on Hynix Semiconductor reflect the volatility of the company's earnings base, stemming from its high reliance on cyclical, competitive, and capital-intensive semiconductor operations, particularly commodity-like dynamic random access memory (DRAM) products. The ratings also
