S&P drops Micron

Standard & Poor's said it lowered its corporate credit and senior unsecured ratings on Micron Technology Inc. to B+ from BB- and also placed them on Creditwatch with negative implications.

The issue-level recovery ratings that are currently 3 were not affected at this time, the agency said. However, if the company takes on significant additional debt, recovery ratings could be revised.

These actions follow the company's announcement that it has entered into an agreement to acquire Qimonda AG's 35.6% stake in Inotera Memories Inc. for $400 million in cash. About $285 million of the transaction cost will be debt-financed, S&P added.

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