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S&P boosts AMD
Standard & Poor's said it upgraded Advanced Micro Devices Inc. corporate credit and senior unsecured ratings to B+ from B- following improved operations and leverage.
The agency said it also assigned a B+ rating to the company's $500 million of new notes.
The outlook is stable.
AMD has established solid operating results over the past four quarters and is proposing its second delevering transaction since November 2009, according to the agency.
The agency said it is largely delinking AMD from GlobalFoundries, and on a standalone basis, reported pro forma leverage is about 2.4x.
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