S&P upgrades SanDisk, debt

Standard & Poor's said it raised its corporate credit rating on SanDisk Corp. to BB from BB-. The outlook is stable.

The agency said it also raised the rating on SanDisk's senior unsecured debt to BB from BB- and revised the recovery rating on the debt to 3 from 4. The 3 recovery rating indicates meaningful recovery prospects in the event of a payment default.

"SanDisk's operating conditions should remain favorable in 2012," said S&P credit analyst John Moore in a news release, "as the proliferation of wireless communication devices support NAND industry prospects for unit demand, cautious capacity expansion, and revenue growth."

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