S&P lifts semiconductor company Amkor Technology’s credit rating on improved results

S&P lifts Amkor Technology credit rating

NEW YORK — Standard & Poor’s Rating Services boosted a credit rating on chip assembly and testing services company Amkor Technology Inc. Wednesday, citing better corporate financial results.

S&P lifted its corporate credit rating to “BB-” from “B+” and gave the company a stable outlook. Both ratings are non-investment grade, or “junk” status.

The ratings agency said that Amkor is improving in line with a recovering semiconductor industry, pointing to a 48 percent increase in quarterly revenues, reduced leverage and better earnings before interest, taxes, depreciation and amortization.

However, analyst Lucy Patricola predicted that revenue expansion will be “muted” following the company’s most recent financial results released in June.

Company shares rose 20 cents, or 3.7 percent, to close Wednesday at $5.60.