On April 11, 2005, Standard&Poor's Rating Services raised its long-term corporate credit rating on Taiwan-based Hon Hai Precision Industry Co. Ltd. (Hon Hai) and its issue rating on the company's senior unsecured bonds to 'BBB+' from 'BBB'. At the same time, Standard&Poor's revised the outlook on the corporate credit rating to stable from positive. Hon Hai is one of the world's largest electronic contract manufacturers, with estimated total revenue of Taiwan dollar (NT$) 540 billion (about US$16 billion) in fiscal 2004 (ended Dec. 31 2004). The rating action reflects Hon Hai's consistent sales and profit growth, and successful customer and product diversification. The ratings also reflect the company's strong competitive position, consistent operational execution, and prudent
