Moody’s cuts rating on Hynix high yield debt

Moody’s cut its rating on Hynix Semiconductor, the Korean memory chip manufacturer, on Monday and warned that it was likely to breach financial covenants on its debt by the end of the fiscal year.

  • 03 Nov 2008

Moody’s dropped Hynix from Ba2 to Ba3 after disappointing third quarter results, noting that prices for dynamic random access memory — its main product — had dropped severely. Hynix is the world’s second biggest DRAM manufacturer.

“The company's operating losses in the third quarter of 2008 widened as compared ...

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