S&P drops Micron Technology to B

Standard & Poor's said that it removed its ratings on Micron Technology Inc. from Creditwatch and lowered its corporate credit and senior unsecured ratings to B from B+.

At the same time, the agency said it revised its recovery rating on the senior unsecured notes to 4 from 3.

The outlook is negative.

S&P added that the rating actions follow a review of the company's near-term operating prospects, liquidity and debt protection measures following its partially leveraged acquisition of a 35.6% interest in Inotera Memories Inc. from Qimonda AG.

The agency said that the lower rating reflects highly challenging industry conditions, uncertainty around the timing and extent of any benefit from a new sourcing agreement with Inotera, and eroding liquidity.

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