SAN FRANCISCO (Standard&Poor's) Dec. 4, 2015--Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on San Jose, Calif.-based Cypress Semiconductor Corp. (Cypress). The outlook is stable. At the same time, we assigned our 'BB+' issue-level rating and a recovery rating of '1' to the company's $100 million senior secured term loan due 2020, and raised our issue-level rating to 'BB+' from 'BB' and revised the recovery rating to '1' from '2' on the company's $550 million revolving credit facility due 2020. The '1' recovery rating on these instruments indicates our expectation for very high (90% to 100%) recovery of principal in the event of payment default. We also affirmed the 'B' issue-level rating on the company's
