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Technology Stocks : Alliance Semiconductor
ALSC 0.8100.0%Jul 10 5:00 PM EST
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To: DJBEINO who wrote (9224)3/12/2001 6:23:37 AM
From: DJBEINO   of 9582
 
Taiwan Ratings/United Micro -2: Outlook Stable

TAIPEI (Dow Jones)--Two unsecured bonds to be issued by United Microelectronics Corp. (UMC) were rated "twAA" reflecting the Taiwanese chipmaker's above-average market position, said Taiwan Ratings Corp. Monday.

The ratings agency, which is half owned by Standard & Poor's Corp., also affirmed its "twAA" issuer credit rating on UMC.

The outlook for the company is stable, Taiwan Ratings said in a release.
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The bond ratings were for UMC's five-year, NT$7.5 billion senior unsecured corporate bond and a seven-year NT$7.5 billion senior unsecured corporate bond, which will be used for investment in a 12-inch wafer fabrication plant to be built in Singapore.

The company's leading process technology and prudent financial policy, as well as its position as the second-largest pure-play foundry in the world, were cited as factors for the credit ratings affirmation, the agency said. Pure-play foundries make chips solely for other companies.

The agency said it expects UMC "to be able to maintain adequate profitability and satisfactory credit protection measures," despite the global demand slowdown in the personal computer and communications sectors.

UMC's internally generated cash flows are expected to be able to cover its capacity expansion in 2001, the agency said.
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