The rating on Korea-based Hynix Semiconductor Inc. (Hynix; B+/Stable/--) reflects significant industry cyclicality, the company's highly leveraged balance sheet, and rapid technology advancements. These factors are offset by the company's strong market share in the global dynamic random access memory (DRAM) industry, strong technology positions, and good operational efficiency. At about 22% in 2009, Hynix had the second-largest market share in the global DRAM industry, following industry leader Samsung Electronics Co. Ltd. (Samsung Electronics; A/Stable/A-1), which had about 34%. Hynix is also the third-largest NAND flash memory supplier in the same period. In 2009, the company generated about 75% and 17% of its revenue in the DRAM and NAND flash memory businesses, respectively. Hynix has a strong technology position. Hynix
