S&P upgrades Micron

Standard & Poor's said it raised the corporate credit rating on Micron Technology Inc. to BB- from B+, along with its senior unsecured debt to BB- from B+.

The recovery rating on this debt remains unchanged at 3, indicating 30% to 50% expected recovery in a default.

The outlook is stable.

The upgrades reflect Micron's preservation of balance sheet strength through debt reduction despite increased capital spending, S&P said.

The ratings also consider an expectation that the memory industry will remain highly volatile and that the company's market presence in DRAM and NAND will remain largely unchanged over time despite significant capital spending to increase capacity in both segments, the agency said.

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