St. Peters, Missouri, United States
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., Europe, and Asia, 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.”
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 the United States 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.
For more information on: MEMC
For more information on: MEMC