We expect Hynix's operating performance to remain strong with low debt over the next 12 months, mainly due to a favorable memory semiconductor market and the company's good position in the global DRAM market. However, we expect Hynix's financial policy to remain somewhat aggressive with significant capital investments over the next two years, primarily for strengthening its competitiveness in the NAND flash segment. We are affirming our long-term corporate credit rating on Hynix at 'BBB-'. The stable outlook reflects our expectation that strong profitability can support Hynix's aggressive capital spending and enable the company to maintain stable financial performance over the next one to two years. On Nov. 23, 2017, S&P Global Ratings affirmed its long-term corporate credit rating on
