NEW YORK (Standard&Poor's CreditWire) Jan. 17, 2001--Standard&Poor's today raised its corporate credit rating on Cypress Semiconductor Corp. to double-'B' from double-'B'-minus. At the same time, Standard&Poor's raised its rating on Cypress' subordinated convertible notes to single-'B'-plus from single-'B'. The outlook is stable. The upgrade recognizes the company's improved product profile and profitability, and expectations that the company can continue to maintain a good financial profile over the intermediate period. San Jose-Calif.-based Cypress is a leading manufacturer of specialty memory chips, used in cellular phones, networking equipment, and computers. In addition, Cypress manufactures electronic clocks, computer-to-peripheral interface devices, and other chips. Cypress has accelerated its development of memories for the rapidly growing networking and wireless
