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Fitch: Advanced Micro Devices unaffected
Fitch Ratings said it believes the announced proposed initial public offering of Spansion Inc., the joint venture 60% owned by Advanced Micro Devices, will have no immediate impact on Advanced Micro Device's ratings.
Fitch rates Advanced Micro Devices' senior unsecured debt at B and $100 million senior secured U.S. revolving credit facility BB-. The outlook is stable.
Fitch said the proposed IPO could positively affect the company's near-term liquidity and slightly lower its capital spending requirements.
Additionally, Fitch said the spin-off would reduce Advanced Micro's exposure to the significantly less profitable and more volatile flash memory market.
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