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Micron Technology, Inc. -- Moody's rates Micron's new senior notes at Baa3

Micron's Baa3 rating on its existing senior unsecured notes, the Baa2 rating on the senior secured term loan, and the stable outlook are unchanged. The rating is supported by Micron's excellent liquidity, with unrestricted cash and long term marketable investments of about $7.9 billion as of May 30, 2019, a $2.5 billion revolver maturing in 2023 (undrawn as of May 30, 2019), which Moody's expects will remain unused, and Micron's FCF generation and net cash leverage position.