S&P rates Micron Technology notes B

Standard & Poor's said it upgraded Micron Technology Inc.'s $1.3 billion 1.875% senior unsecured convertible notes to B from B- and the recovery rating was revised to 3, indicating an expectation of 50% to 70% recovery in the event of a default, from 5. The agency also said it assigned a B rating and 3 recovery rating to its $230 million 4.25% convertible senior unsecured notes.

The upgrades are largely the result of the company's recent investments and acquisitions fundamentally improving its operations and competitive position, S&P said.

The ratings also reflect highly volatile and cyclical industry conditions, elevated refinancing risks over the next three quarters and aggressive growth strategies, the agency added.

The company's good technology position and moderating capital-expenditure burden partially offset company risks, S&P added.

© 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.