STATS ChipPAC's FY14 results 'credit negative': Moody's

Singapore

CREDIT rating agency Moody's on Monday called STATS ChipPAC's weak FY14 results credit negative, but said that this will not have an immediate impact on its Ba3 corporate family rating and senior unsecured rating. The ratings remain under review for downgrade, however.

The listed semiconductor packaging and test services firm last week said it narrowed its net losses to US$21.8 million in FY14. Its full-year revenue also dipped 0.8 per cent to US$1.59 billion, reflecting overall demand shift in the wireless telecommunications market.