U.S. semiconductor company Cypress Semiconductor Corp. has agreed to be acquired by German chipmaker Infineon Technologies AG for an enterprise value of about $10 billion. We are placing our 'BB+' issuer credit rating on Cypress on CreditWatch with positive implications. At the same time, we are placing our 'BBB-' issue-level rating on the company's secured debt and our 'BB' issue-level rating on its unsecured debt on CreditWatch with positive implications. We will resolve the CreditWatch placement once the transaction closes. At that time, we plan to withdraw our issuer credit rating on Cypress Semiconductor. The CreditWatch placement follows Cypress' announcement on June 3, 2019, that it will be acquired by Infineon Technologies. As part of the transaction, all outstanding debt
