ASM International's Rtgs Remain On S&P CreditWatch Dev.PARIS--(BUSINESS WIRE)--Standard & Poor's CreditWire 11/3/98-- Standard & Poor's triple-'C' ratings on ASM (1) (Association for Systems Management) An international membership organization based in Cleveland, Ohio. Founded in 1947 and disbanded in 1996, it sponsored conferences in all phases of administrative systems and management. International N.V. (ASM) remain on CreditWatch, where they were placed on Oct. 12, 1998. The CreditWatch implications were revised to "developing" from negative on Oct. 26, 1998. The CreditWatch placement followed the potential risk of default on ASM's $65 million convertible notes (unrated), due Nov. 2 1998, issued to Applied Materials Applied Materials, Inc. NASDAQ: AMAT (HKSE: 4336 ) is the global leader in nanomanufacturing technology solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel solar displays, solar Inc. (triple-'B'-plus/Negative/--). Although the company has not yet fully secured the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of these notes, discussions with Applied Materials continue. Standard & Poor's will closely monitor ASM's fund-raising ability. ASM is a Netherlands-based semiconductor equipment manufacturer. Its fully owned front-end business provides epitaxial and chemical vapor deposition Vapor deposition Production of a film of material often on a heated surface and in a vacuum. Vapor deposition technology is used in a large variety of applications. equipment. Fiscal 1997 sales totaled Dutch guilder (DFL DFL Deutsche Fussball Liga (German Soccer League) DFL Democratic-Farmer-Labor (political party in Minnesota, to which state Democrats belong) DFL David Florida Laboratory ) 337 million ($166 million). ASM's 50.5%-owned Hong Kong-based subsidiary ASM Pacific Technology Ltd. provides a broad range of back-end services to the industry (assembly, packaging equipment, and lead frames), with sales of DFL372 million in 1997, Standard & Poor's said.---CreditWire |
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