STATS ChipPAC debt rating downgraded by Moody's
Drop to Ba2 from Ba1 is due to pressure on profitability but outlook deemed stable
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Angela Tan
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Singapore
MOODY'S Investors Service yesterday downgraded STATS ChipPAC Ltd's corporate family rating and senior unsecured debt rating to Ba2 from Ba1.
The credit-rating agency said that the outlook is stable, but added that the chipmaker's final rating of Ba2 benefits from a one-notch uplift due to expected support from its ultimate holding company, Temasek Holdings, in the event of stress.
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