AMD's credit upgraded to BB at S&P, but stock extends pullback from record [MarketWatch]
Advanced Micro Devices, Inc. (AMD)
Last advanced micro devices, inc. earnings: 4/28 04:25 pm
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Source: MarketWatch
AMD's credit upgraded to BB at S&P, but stock extends pullback from record Advanced Micro Devices Inc.'s AMD, -7.19% credit rating was upgraded at S&P Global Ratings by one notch to BB from BB-, citing reduced leverage after the semiconductor company repaid $965 million in debt in 2019. The rating still left AMD's credit two notches deep into "junk" territory. The stock dropped 6.9% in afternoon trading Friday, to extend its pullback from Wednesday's record close of $58.90. The outlook remained positive, which means the rating could be raised again. S&P noted that with the repayments, debt principal outstanding has been reduced to $563 million, while a return to positive free cash flow has helped the company increase its cash balances to $1.5 billion. "Although we expect cash balances to decline somewhat in the first half of 2020 as the firm builds inventory in support of strong top-line growth, we believe the firm's conservative financial policy will keep leverage under 1x, and fo
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