NEW YORK (Standard&Poor's) Jan. 25, 2007--Standard&Poor's Ratings Services said that Cypress Semiconductor Corp.'s (B+/Stable/--) planned $300 million stock repurchase program would not affect the rating and outlook on the company at this time. Cypress may make repurchases under the program through open-market or privately negotiated transactions, depending on factors including price, corporate and regulatory requirements, and other market conditions. Cypress had unrestricted cash balances of $579 million at Dec. 31, 2006, and $599 million of debt maturing in 2008. Standard&Poor's believes that repurchases under the program will be moderate, and that the company will be able to refinance the maturing debt when due.
