U.S. memory supplier Spansion's adjusted trailing leverage continues improving toward the 2x area, reflecting growth in revenues as well as relatively stable memory pricing and margins after its May 2010 bankruptcy reorganization. In addition to improved operating performance, in line with industry dynamics, we expect the company's evolving business model to permit continued profitability and improved cash flow metrics upon the completion of all bankruptcy-related payments in the first half of 2011. We are placing all our ratings on Spansion, including our 'B' corporate credit rating, on CreditWatch with positive implications. On March 21, 2011, Standard & Poor's Ratings Services placed its ratings on Sunnyvale, Calif.-based Spansion Inc., including the 'B' corporate rating, on CreditWatch with positive implications. Standard &...
Companies mentioned in this report are:
- Spansion Inc.
- Spansion LLC
Action: On CreditWatch:Positive
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Product Type: Research Update
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