New York, February 04, 2014 -- Moody's Investors Service upgraded Micron Technology, Inc.'s ("Micron") corporate family ("CFR") and probability of default ratings to Ba2 and Ba2-PD, respectively, from Ba3 and Ba3-PD. Moody's rated Micron's proposed 8 year senior unsecured notes at Ba3, and lowered the liquidity rating to SGL-2 from SGL-1. Micron intends to use the proceeds of the new notes to pay a portion of costs of extinguishing its obligations under the outstanding 1.875% convertible senior notes due 2014. The outlook is stable.
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