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SEOUL, Aug. 19 -- Samsung Electronics'"A-plus" credit rating was affirmed Tuesday by Standard & Poor's, despite tough operating conditions in its smartphone business, as the world's biggest smartphone manufacturer was expected to maintain solid financial conditions with good business diversification.

The S&P said in a statement that it affirmed Samsung's "A-plus" long-term credit and debt ratings, keeping the outlook on the long- term rating at "stable."

"We expect Samsung Electronics to face tough operating conditions in its smartphone business over the next one to two years, with substantial downside risks in its market share and profitability,"said Hong Kong-based credit analyst Park JunHong.

Samsung's global smartphone market share dropped to some 25 percent in the second quarter of this year from about 32 percent in 2013, with a fall in market share in China due to intensifying competition from Chinese competitors.

The analyst expected this trend to continue over the next 12 months because of the narrowing gap in technology and product quality in the smartphone industry.

The rating company, however, noted that Samsung's strong market positions in well-diversified business lines will continue to help it generate good cash flows and maintain solid financial position over the next one to two years despite pressure on the profitability of its smartphone business.

S&P said Samsung maintained leading market positions in consumer electronics, memory chips and display panel businesses, forecasting favorable selling prices and steady growth in demand for Samsung's memory chips would produce good operating performance in 2014.

The"stable" outlook came as Samsung was expected to generate good cash flows and maintain low debt with conservative financial policies over the next one to two years despite weaker margins, said the rating appraiser.