TOKYO (Standard&Poor's) June 2, 2004--Standard&Poor's Ratings Services today placed its 'CCC+' long-term corporate credit rating on Hynix Semiconductor Inc. on CreditWatch with positive implications, following the announcement by the company's creditor banks that they have accepted an increased offer from Citigroup to purchase Hynix's remaining non-memory chip division. At the same time, Standard&Poor's also placed its 'CCC+' long-term corporate and senior unsecured debt ratings on Hynix Semiconductor Manufacturing America Inc. on CreditWatch with positive implications. "Hynix's credit profile is expected to continue strengthening, supported by favorable conditions for the memory business and expected cash of around W575 billion, net of the loan provided to Citigroup, from the sale of the non-memory chip business," said
