Tuesday, January 8, 2013

RPT-S&P cuts AMD rating to 'B' from 'BB-', outlook stable

-- Sunnyvale, Calif.-based Advanced Micro Devices Inc. (AMD)
amended its wafer supply agreement with GLOBALFOUNDRIES in December 2012, which
reduced burdensome prior minimum purchase commitments, though we expect AMD's
negative free cash flow to continue in 2013.
-- We are lowering our corporate credit and senior unsecured issue
ratings on AMD to 'B' from 'BB-', and removing the ratings from CreditWatch
with Negative implications.
-- The outlook is stable. Despite our expectation f

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