S&P ups technology sector companies

S&P said it reviewed several of its recovery and issue-level ratings in the U.S. technology semiconductor sector for speculative-grade corporate issuers that were labeled under criteria observation (UCO) after publishing its revised recovery ratings criteria on Dec. 7.

With its criteria review complete, the agency removed the UCO designation from these ratings and revised the following issue-level and recovery ratings:

• Advanced Micro Devices Inc.’s senior unsecured rating to CCC+ from CCC and recovery to 4L from 5L;

• Cavium Inc.’s senior secured rating to BB from BB- and recovery to 2L from 3H;

• Cypress Semiconductor Corp.’s senior secured rating to BB from BB- and recovery to 2L from 3H; senior unsecured rating to B+ from B and recovery to 5L from 6;

• MKS Instruments Inc.’s senior secured rating to BB+ from BB and recovery to 2H from 3L;

• Amkor Technology Inc.’s senior unsecured rating affirmed at BB and recovery revised to 3H from 4H;

• Kemet Corp.’s senior secured rating affirmed at B- and recovery revised to 3L from 4L; and

• Smart Modular Technologies (Global) Inc.’s senior secured rating affirmed at B and recovery revised to 3H from 4H.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.