Summary: Amkor Technology Inc. Nov 11

Standard & Poors, November 2011

Abstract
The rating on Chandler, Ariz.-based Amkor Technology Inc. reflects Standard & Poor's Ratings Services' expectation that the semiconductor packaging and test provider will preserve its significant financial profile and competitive position through the typical industry cycle. The semiconductor industry is experiencing a decline from its cyclical peak, and we believe Amkor's operations will be more volatile than the broader semiconductor industry. We anticipate that the company's revenue in the first half of 2012 will decline by a high-single-digit percentage on a year-over-year basis. Additionally, we expect the company to moderate expenses and to experience higher input costs, pricing erosion, and high operating leverage that likely will lead to lower operating margins. As such, we expect debt-to-EBITDA to increase in the...

Companies mentioned in this report are: Amkor Technology Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Amkor Technology Inc.

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