We expect ASMPT to continue to benefit from growing demand for dual cameras in smartphones and semiconductors for non-mobile applications. We revised the Hong Kong-listed company's liquidity assessment to adequate from strong due to the potential cash outflow of HK$2.2 billion from a convertible bond maturing in 2019. We could reassess the liquidity situation of ASMPT as we gain more visibility on the conversation rate of the bonds into equity. We are affirming our 'BB+' long-term corporate credit rating on ASMPT. The stable outlook reflects our expectation that the company will maintain its profitability and conservative debt leverage over the next 12 months. On Jan. 31, 2018, S&P Global Ratings affirmed its 'BB+' long-term corporate credit rating on ASM Pacific
