MEMC Electronic Materials, Inc. (NYSE: WFR) acknowledged S&P's downgrade of MEMC's senior debt to a B+ rating today.
"We are disappointed with the rating change by S&P," commented Brian Wuebbels, MEMC's Chief Financial Officer, "but we are comfortable that our cash and liquidity position is sufficient to meet our current cash needs. The credit downgrade by S&P today will not adversely affect our current access to our existing non-recourse construction revolver for SunEdison construction activities."
MEMC is a global leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., , and , MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR." For more information about MEMC, please visit www.memc.com.
Certain matters discussed in this press release are forward-looking statements, including that our cash and liquidity position is sufficient to meet our current cash needs; and that the credit downgrade by S&P today will not adversely affect our current access to our existing non-recourse construction revolver for SunEdison construction activities. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include concentrated project development risks related to large scale solar projects; the availability of attractive construction, project finance and other capital for SunEdison projects; changes in the pricing environment for silicon wafers and polysilicon, as well as solar power systems; market demand for our products and services; the availability and size of government and economic incentives to adopt solar power, including tax policy and credits and renewable portfolio standards; the ability to effectuate and realize the savings from the restructuring plan; our ability to maintain adequate liquidity and compliance with our debt covenants; the effect of any antidumping or countervailing duties imposed on photovoltaic cells and/or modules in connection with any trade complaints in or elsewhere; existing or new regulations and policies governing the electric utility industry; our ability to convert SunEdison pipeline into completed projects in accordance with our current expectations; general economic conditions, including interest rates; the ability of our customers to pay their debts as they become due; failure of third-party subcontractors to construct and install our solar energy systems; seasonality or quarterly fluctuations in our SunEdison business; the impact of competitive products and technologies; inventory levels of our customers; supply chain difficulties or problems; interruption of production; good working order of our manufacturing facilities; our ability to reduce manufacturing and operating costs; assumptions underlying management's financial estimates; actions by competitors, customers and suppliers; changes in the retail industry; damage to our brand; acquisitions of pipeline in our Solar Energy segment; changes in financial market conditions; changes in foreign economic and political conditions; changes in technology; changes in currency exchange rates and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE MEMC Electronic Materials, Inc.