Moody’s affirms Micron

Moody's Investors Service said it affirmed Micron Technology Inc.'s ratings, including the Ba2 corporate family rating, Ba2-PD probability of default rating, Ba3 senior unsecured rating and SGL-2 speculative grade liquidity rating.

The outlook is stable.

This follows Micron's announced plan to acquire the 67% of Inotera Memories, Inc. that Micron does not currently own for about $4 billion, funded with about $2.5 billion of new debt, up to $1 billion of Micron shares, and about $500 million of balance sheet cash.

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