HONG KONG (Standard&Poor's) Jan. 23, 2009--Standard&Poor's Ratings Services said today that it had lowered to 'CC' from 'CCC' its rating on Korea-based MagnaChip Semiconductor LLC's (MagnaChip) US$100 million senior secured revolving credit facility due December 2009. The downgrade reflects our opinion that MagnaChip is highly vulnerable to nonpayment of interest or principal on money withdrawn from the revolving credit facility. At the same time, Standard&Poor's removed the rating on the revolving credit facility from CreditWatch, where it was placed with negative implications on Oct. 16, 2008. The long-term corporate credit rating on MagnaChip remains at 'SD'. Ratings List Downgraded; CreditWatch Action To From MagnaChip Semiconductor LLC Senior Secured (1 issue) CC CCC/Watch Neg
