The ratings on Korea-based nonmemory chipmaker MagnaChip Semiconductor Corp. (MagnaChip; B+/Stable/--) reflect its exposure to the highly competitive and fragmented market for nonmemory semiconductors, its weak position in that market, and its concentrated customer base. At the same time, its good relationships with customers, modest diversification of its business, and lack of near-term debt maturities support the ratings. MagnaChip designs and manufactures analog and mixed-signal semiconductor products. The company divides its operations into three main business units: display solutions, power solutions, and semiconductor manufacturing services. The display solutions business produces flat panel display drivers for mobile phones and LCD TVs. The power solutions business offers metal-oxide-semiconductor field-effect transistors (MOSFETs), analog switches, and DC-DC converters. The semiconductor manufacturing services business fabricates
