Recovery Report: Micron Technology Inc.'s Recovery Rating Profile Aug 11
Standard & Poors, August 2011
Abstract
Standard & Poor's Ratings Services is updating the recovery analysis on Boise, Idaho-based memory chip producer Micron Technology Inc. following the raising of its corporate credit rating to 'BB-' from 'B+' and recently issued debt. We are also raising the issue-level ratings on the company's rated debt in conjunction with the recent upgrade while keeping the recovery ratings unchanged. Although the estimated numerical recovery for the senior notes is in a higher range, we have capped the recovery ratings at '3' as per the rating ceiling on unsecured debt of issuers in the 'BB' category. Our simulated default scenario contemplates a default in 2014, which coincides with the maturity of its 2014 notes, primarily reflecting significant oversupply of memory chips...
Companies mentioned in this report are: Micron Technology Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Micron Technology Inc.
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