S&P lowers Micron notes

Standard & Poor's said it has lowered its issue-level and recovery ratings on Micron Technology Inc.'s unsecured debt issue.

The issue-level rating on the company's $1.3 billion senior unsecured convertible notes has been lowered to B-, one notch lower than the corporate credit rating on Micron, from B, S&P noted, adding that the recovery rating has been changed to five from 4.

The change to the issue-level and recovery ratings is the result of the company entering into a new 300 million Singapore Dollar secured term loan shortly after the publication of its last recovery report, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.