S&P: Micron convertibles BB-

Standard & Poor's said it assigned a BB- rating to Micron Technology Inc.'s new $1 billion senior convertible notes due 2032.

The recovery rating is 3, reflecting 50% to 70% expected recovery in a default.

All other ratings were affirmed, including the BB- corporate credit rating.

The outlook was revised to negative from stable.

The outlook revision reflects weak memory market conditions, near-term potential acquisition spending in support of industry consolidation and increased leverage, S&P said.

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

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