S&P ups SanDisk

Standard & Poor's said it raised its corporate credit rating on SanDisk Corp. to BB- from B, along with its senior unsecured rating to BB- from B. The recovery rating is 4, indicating 30% to 50% recovery in the event of a default.

The actions are based on SanDisk's currently strong financial profile that results from the recent cyclical upswing in the flash memory industry, S&P said.

As the industry has cautiously expanded capacity since 2008 and demand has recovered, pricing conditions have improved considerably, generating strong revenue growth, the agency said.

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