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, volatility in the semiconductor industry, and the company's concentrated customer network. At the same time, 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 primarily for mobile phones, liquid crystal display (LCD) TVs, and notebooks. The power solutions business produces metal-oxide-semiconductor field-effect transistors (MOSFETs), insulated gate bipolar mode transistors (IGBT), analog
