NEW YORK (Standard&Poor's CreditWire) July 19, 2001--Standard&Poor's today affirmed its double-'B' corporate credit and other ratings on Cypress Semiconductor Corp. (At the same time, Standard&Poor's revised its rating outlook on Cypress to negative from stable. The action recognizes dramatic declines in sales to the communications sector, where depressed conditions are likely to continue for the next several quarters. Overall sales totaled $185 million in the June 2001 quarter, down 29% from the March quarter, following a 28% December-March decline. The resulting EBITDA margin was 10% in the June quarter. EBITDA margins had been in the 45% range in 2000. Cypress is taking a $140 million-$180 million restructuring charge in the September quarter, hoping to
