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S&P rates Amkor notes BB
Standard & Poor's said it assigned its BB rating to Amkor Technology Inc.'s proposed $200 million senior unsecured notes due 2022 (the same level as the corporate credit rating on the company).
The recovery rating on the notes is 4.
The company will use the proceeds, along with cash on hand, for general corporate purposes.
S&P said that in its view, Amkor's financial profile will remain intact and be consistent with a "significant" financial risk profile over a typical industry cycle. The agency expects adjusted leverage to be at about the 3x area over the next year.
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