We expect Hynix to continue its strong operating performance in the next 12 months, in line with its good market position, a more stable competitive landscape, and steady growth in demand in the memory chip market. We expect Hynix to maintain solid financial ratios, with adjusted debt to EBITDA of about 0.2x-0.5x in the next 12 months, under our base-case scenario, despite high volatility in the global memory semiconductor industry. We are revising the outlook on Hynix to positive from stable and affirming our 'BB+' long-term corporate credit rating on the company. The positive outlook on Hynix reflects our view that there is a more than one-third likelihood we will raise the rating if the company continues to generate strong
