MagnaChip completed its financial restatement and reporting on Feb. 12, 2015, and its restated profitability and cash flows were much weaker than we previously expected. We expect the company's operating performance to remain weak over the next few quarters mainly due to additional costs related to the restatements and legal disputes and uncertainty over growth in demand. We are lowering by two notches our long-term corporate credit and debt ratings on MagnaChip to 'B-' from 'B+'. The stable outlook reflects our expectation that, despite weak cash flows, the company will be able to meet its financial obligations over the next 12 months owing to its substantial cash holdings without near-term debt maturities. On Feb. 17, 2015, Standard&Poor's Ratings
