We believe Magnachip Semiconductor Corp.'s financial metrics have improved significantly, given the company's debt-free balance sheet following the conversion of US$84 million exchangeable notes and redemption of US$224 million senior notes. We expect the Korea-based semiconductor manufacturer's operating performance will remain robust over the next few quarters as increasing industry demand improves the company's profitability. On April 28, 2021, S&P Global Ratings raised its issuer credit rating on Magnachip to 'B+' from 'B'. The stable outlook on Magnachip reflects our view that the company will continue to improve its operating performance over the next 12 months, driven by demand growth and product mix improvement in its display and power solutions businesses. Our base case does not factor in the transaction
