Moody’s cuts Stats ChipPAC, bonds

Moody's Investors Service said it downgraded Stats ChipPAC Pte. Ltd.'s corporate family rating and senior secured bond ratings to B3 from B2 and its unsecured bond rating to Caa1 from B3.

"The downgrade of the company's corporate family rating to B3 primarily reflects its fragile liquidity position. The company remains reliant on timely and significant financial support from its parent, JCET, which has not yet transpired," Annalisa Di Chiara, Moody's vice president and senior credit officer, and also the lead analyst for the company, said in a news release.

The company reported just $54 million in cash on its balance sheet at June 30, down from $96 million at March 31. Moody's also noted that the company has no additional availability under its existing working capital facilities.

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