S&P raised the Chandler, Ariz.-based company's corporate credit and senior secured ratings to "B-", a speculative, below-investment grade rating.
It also raised Amkor's senior unsecured and subordinated debt ratings to "CCC+" and "CCC", respectively, both highly speculative grades.
The ratings were placed on review on Aug. 15. The upgrades follow Amkor's refiling of its financial statement for the June quarter, which eliminated any creditor actions due to filing delay. S&P said in a statement the company is in full compliance with all terms of its debt obligations and completed its investigation into its stock-option practices.
The company will restate net income by about $100 million from 1998 to the present.
