The rating on MagnaChip reflects its exposure to the highly competitive and fragmented market for non-memory semiconductors, weak market positions, and concentrated customer base. At the same time, the ratings are supported by the company's good customer relationships, modest business diversification, and lack of near-term maturities. MagnaChip is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products. The company's operations are divided into three main business units: Display Solutions, Power Solutions, and Semiconductor Manufacturing Services. The Display Solutions segment produces flat panel display drivers for mobile phones and LCD TVs. The Power Solutions segment offers MOSFETs, analog switches, and DC-DC converters. The Semiconductor Manufacturing Services division fabricates semiconductor wafers for third parties, based on their designs. The company
