S&P rates Micron notes BB

Standard & Poor’s said it assigned a BB rating and 3 recovery rating to Micron Technology Inc.’s senior unsecured notes due 2024 and 2026.

The 3 recovery rating indicates 50% to 70% expected default recovery.

The proceeds will be used for general corporate purposes, including refinancing a portion of the company’s existing convertible senior notes, S&P said.

The company’s corporate credit rating remains at BB with a stable outlook.

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