Fitch affirms AMD

Fitch Ratings said it affirmed Advanced Micro Devices Inc.'s issuer default rating at B- and senior unsecured debt rating at CCC/RR6.

The outlook is negative.

Ratings reflect Fitch's expectations that AMD's operating performance will remain relatively weak over the near term, despite recent new product introductions, according to the agency.

Concerns also include significant product technology risk, Intel's meaningful manufacturing technology advantage and expectations that the issuer's debt levels will remain high and are likely to grow, Fitch said.

Ratings are supported by AMD's relatively consistent market share over the next couple of years, strengthened and expanding relationships as well as its staggered and longer-term debt maturities, the agency noted.

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