NEW YORK--(BUSINESS WIRE)--Fitch Ratings is planning to withdraw the ratings on Advanced Micro Devices Inc. (NYSE: AMD) on or about March 15, 2016, which is approximately 30 days from the date of this release, for commercial reasons.
Fitch currently rates AMD as follows:
--Long-term Issuer Default Rating (IDR) 'B-';
--Senior secured revolving credit facility (RCF) 'BB-/RR1';
--Senior unsecured debt 'B-/RR4'.
The Rating Outlook is Negative.
Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. Believing that investors benefit from augmented rating coverage Fitch is providing approximately 30 days' notice to the market of the rating withdrawal of AMD. Ratings are subject to analytical review and thus may change up to the time Fitch withdraws the ratings.
Fitch's last rating action for AMD was on April 20, 2015; at that time the long-term IDR was affirmed at 'B-'. In addition, Fitch affirmed the senior secured RCF rating at 'BB-', assigning a Recovery Rating (RR) of 'RR1', and affirmed the senior unsecured debt at 'B-', assigning an RR of 'RR4'. Fitch also revised the Rating Outlook to Negative from Stable.
Additional information is available at 'www.fitchratings.com'.