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Prospect News home > News index > List of issuers A > Headlines for Advanced Micro Devices, Inc. > News item |
Moody's cuts AMD notes, lifts loan
Moody's Investors Service said it lowered the ratings of Advanced Micro Devices' $390 million senior notes due 2012 to B2 (LGD5, 73%) from Ba2 and upgraded the ratings of the $1.6 billion term loan due 2013 to Ba1 (LGD2, 18%) from Ba2.
The issuer's corporate family and probability-of-default ratings were affirmed at B1.
The revision reflects the release of collateral that benefited the 2012 notes and the partial repayment of its secured term loan from proceeds of the $2.2 billion senior convertible notes due 2014, Moody's said.
The outlook remains negative.
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