S&P ups ASM

Standard & Poor's said it raised its long-term corporate credit rating on ASM International NV to BB- from B+.

The agency said that this followed the significantly improved profitability of its front-end division, accompanied by the sustained strong performance of its 53.4% owned back-end division, resulting together in a significantly improved financial credit profile.

The outlook is stable.

At the same time, the ratings on ASM's convertible subordinated notes, due in 2010 and 2011, were raised to B from B-, S&P noted.

According to the agency, the rating action primarily reflects the expectation that ASM will be able to further improve profitability and free operating cash flow generation in its front-end segment in 2008.

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