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Advanced Micro Devices Inc. Sep 11
Standard & Poors, Sep 2011
Abstract
Establishing stable operating track record despite a variety of challenging market conditions; Modest leverage for the rating; and Early indications of market receptivity to new product launches. Disadvantaged competitive position in microprocessors; Heavy reliance on GLOBALFOUNDRIES (GF), which has not kept technology parity with Intel; and Loss of higher margin server share over the past year. The rating on Advanced Micro Devices Inc. (AMD) reflects the company's vulnerable business risk profile, characterized by intense competition with Intel, but offset by considerable support provided by its lightly leveraged balance sheet and adequate liquidity. Reflecting poor visibility to revenue generation, a strong commitment to R&D, and AMD's competitive position, Standard & Poor's Ratings Services incorporates an expectation that over time, average credit...
Companies mentioned in this report are: Advanced Micro Devices Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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