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ASM International N.V. Jun 11
Standard & Poors, June 2011
Abstract
Established niche market positions in the semiconductor manufacturing equipment industry. Strong profitability of 52%-owned subsidiary ASM Pacific Technology Ltd. (ASMPT). High value of the ASMPT stake relative to ASMI's debt. Adequate liquidity profile. Very cyclical industry demand. Substantial technology risks and high competition. Expectations of only modest free cash flow generation at the front-end operations. High customer concentration. High dividend leakage to minority shareholders. The ratings on The Netherlands-based semiconductor equipment manufacturer ASM International N.V. (ASMI) reflect Standard & Poor's Ratings Services' view of the very cyclical and competitive nature of the semiconductor manufacturing equipment industry and the relatively small scope of ASMI's front-end operations. The ratings also reflect our expectation of only modest free cash flow generation in ASMI's...
Companies mentioned in this report are: ASM International N.V.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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