SAN FRANCISCO (S&P Global Ratings) June 21, 2016--S&P Global Ratings said today that its 'BB-' corporate credit rating on San Jose, Calif.-based Cypress Semiconductor Corp. is unchanged following the change in the company's capital structure. The outlook remains negative. We also assigned our 'B' issue-level rating to the company's proposed $250 million senior unsecured convertible notes due 2022. The 'B' issue-level rating on the company's $150 million convertible notes due 2020 remains unchanged. The '6' recovery rating on the unsecured convertible notes indicates our expectation for negligible (0% to 10%) recovery of principal in the event of payment default. The 'BB-' issue-level rating on the company's senior secured debt, which is comprised of a $100 million term loan A and
