Micron Technology's outlook cut to negative; 'Ba3' rating affirmed - Moody's
MUMBAI (Thomson Financial) - Moody's Investors Service said it has revised Micron Technology Inc.'s outlook to negative from stable, citing expectations for continued challenging conditions in Micron's core DRAM and NAND flash memory markets.Moody's (nyse: MCO - news - people ) affirmed the company's 'Ba3' corporate family rating and assigned a speculative grade liquidity rating of 'SGL-2'.
Over the past year, the memory markets have been hampered by excess capacity, lower unit demand and continued sharp ASP (average selling price) erosion. For most of financial year 2007, Micron was unable to lower unit production costs quickly enough to offset sharp ASP degradation given the difficult DRAM pricing environment, Moody's said.
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