NEW YORK (Standard&Poor's) May 29, 2003--Standard&Poor's Ratings Services said today that it assigned its 'B-' rating to Cypress Semiconductor Corp.'s $500 million convertible subordinated notes, sold under rule 144a. At the same time, Standard&Poor's affirmed the company's 'B+' corporate credit rating and its other ratings. The outlook remains negative. Proceeds of the new issue will be used to redeem at least $400 million of Cypress' existing convertible subordinated notes, to repurchase shares of its common stock, and to purchase call spread options with respect to its common stock. San Jose, Calif.-based Cypress had about $542 million in debt and capitalized operating leases outstanding at March 31, 2003. Cypress manufactures specialty memory, timing, and logic
