Significant cyclicality in semiconductor industry Ongoing capital expenditure requirements Rapidly advancing technology Solid position in markets for global DRAM and NAND flash memory Strong technological capabilities and good operating efficiency Improved financial flexibility through recent capital increase The ratings on Korea-based semiconductor maker SK Hynix Inc. (Hynix; BB-/Stable/--) reflect high cyclical conditions in the semiconductor industry, the company's ongoing capital expenditure requirements, and the challenge of keeping up with rapid advances in technology. Offsetting these negative factors are the company's solid position in the global market for dynamic random access memory (DRAM) and NAND flash memory, strong technological capabilities, good operating efficiency, and improved financial flexibility through a recent capital increase. On Feb. 14, 2012, SK Telecom Co. Ltd. (SKT;
