S&P: Micron Technology, Intel unchanged

Standard & Poor's said following Micron Technology Inc. (B+/stable) and Intel Corp.'s (A+/A-1+/stable) announcement they plan to create a new company to manufacture "NAND" flash memory chips, used largely as information storage for handheld devices, that the news would have no effect on its ratings or outlooks for either company.

Intel will own 49% of the new company and Micron 51%, the agency noted.

The new company will be called IM Flash Technologies, LLC and S&P said Micron will contribute available manufacturing assets and $250 million cash, while Intel is contributing $1.2 billion in cash and notes.

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