TOKYO (Standard&Poor's) Sept. 21, 2004--Standard&Poor's Ratings Services said today that its 'CCC+' long-term corporate credit rating on Hynix Semiconductor Inc. (Hynix) remains on CreditWatch with positive implications, despite the announcement of the discovery of accounting irregularities totaling 2 trillion Korean won, mainly in the form of overstating assets by misclassifying expenses between 1996 and 1999. The 'CCC+' long-term corporate and senior unsecured debt ratings on Hynix Semiconductor Manufacturing America Inc. also remain on CreditWatch with positive implications. The ratings were placed on CreditWatch on June 2, 2004, following the announcement by Hynix's creditor banks that they had accepted an increased offer from Citigroup to purchase Hynix's remaining nonmemory chip division. "Any ruling by the Securities&
