Moody's gives MagnaChip bonds B2

Moody's Investors Service said it assigned a B2 corporate family rating to MagnaChip Semiconductor LLC and a B2 senior unsecured rating to Magnachip's proposed $250 million of bonds.

The outlook is stable.

MagnaChip said it plans to use the bond proceeds for debt refinancing, dividend payment and general corporate purpose.

The ratings reflect MagnaChip's improved capital structure, cash flow and business profile after its debt restructuring, Moody's said.

The ratings also consider the company's refocus on two established businesses, Display Driver IC and Foundry Services, which have returned to profitability through cost cutting measures, the agency said.

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