SK Hynix (Hynix) is likely to sustain its strong, albeit reduced, operating cash flows over the next 12-24 months, mainly because of consolidation in the DRAM industry, and despite moderating demand growth and increasing supply. We also expect the Korea-based memory semiconductor manufacturer to maintain a net cash position despite its aggressive capital investment over the next 12–24 months. We are revising the outlook on Hynix to positive from stable. We are also affirming our 'BBB-' long-term issuer credit rating on the company. The positive outlook reflects our view that there is a more than one-third likelihood that we will raise the rating if Hynix maintains its strong operating performance and positive free cash flows over the next one to
