We expect a downturn in the memory semiconductor market along with softening global demand for major IT products to moderately weaken Hynix's operating performance and cash flow over the next 12 months. We expect the global memory chip industry to continue to demonstrate high cyclicality, but we believe that the volatility is moderating because of industry consolidation. We are revising the outlook on SK Hynix to stable from positive and affirming our 'BB+' long-term corporate credit rating on the company. The stable outlook reflects our expectation that Hynix will maintain stable financial metrics over the next one to two years mainly due to its good position in the DRAM market. On May 13, 2016, S&P Global Ratings revised to stable
