AMD Senior Unsecured Credit Rating Raised to Investment Grade by Moody’s Investors Service
September 11 2020 - 11:03AM
AMD (NASDAQ:AMD) today announced that the company’s senior
unsecured credit rating was raised to investment grade Baa3 by
Moody’s Investors Service.
“Our focus on roadmap execution and financial discipline during
the last five years has created a solid foundation for long-term
growth,” said Devinder Kumar, senior vice president, CFO and
Treasurer, AMD. “We are pleased with this upgrade from Moody’s,
which reflects our strong financial performance and outlook for
continued growth and significant cash generation.”
Moody’s upgraded AMD based on growing business momentum, share
gains, strong financial performance, excellent liquidity and
consistent execution.
About AMDFor 50 years, AMD has
driven innovation in high-performance computing, graphics and
visualization technologies – the building blocks for gaming,
immersive platforms and the data center. Hundreds of millions of
consumers, leading Fortune 500 businesses and cutting-edge
scientific research facilities around the world rely on AMD
technology daily to improve how they live, work and play. AMD
employees around the world are focused on building great products
that push the boundaries of what is possible. For more information
about how AMD is enabling today and inspiring tomorrow, visit the
AMD (NASDAQ: AMD) website, blog, Facebook and Twitter pages.
Cautionary StatementThis press
release contains forward-looking statements concerning Advanced
Micro Devices, Inc. (AMD) such as expectations regarding AMD’s
business momentum and future financial performance, including AMD’s
outlook for continued growth and significant cash generation, which
are made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward looking
statements are commonly identified by words such as "would," "may,"
"expects," "believes," "plans," "intends," "projects" and other
terms with similar meaning. Investors are cautioned that the
forward-looking statements in this press release are based on
current beliefs, assumptions and expectations, speak only as of the
date of this press release and involve risks and uncertainties that
could cause actual results to differ materially from current
expectations. Such statements are subject to certain known and
unknown risks and uncertainties, many of which are difficult to
predict and generally beyond AMD's control, that could cause actual
results and other future events to differ materially from those
expressed in, or implied or projected by, the forward-looking
information and statements. Material factors that could cause
actual results to differ materially from current expectations
include, without limitation, the following: Intel Corporation’s
dominance of the microprocessor market and its aggressive business
practices; the ability of third party manufacturers to manufacture
AMD's products on a timely basis in sufficient quantities and using
competitive technologies; expected manufacturing yields for AMD’s
products; AMD's ability to introduce products on a timely basis
with features and performance levels that provide value to its
customers; global economic uncertainty; the loss of a significant
customer; AMD's ability to generate revenue from its semi-custom
SoC products; the impact of the COVID-19 pandemic on AMD’s
business, financial condition and results of operations; political,
legal, economic risks and natural disasters; the impact of
government actions and regulations such as export administration
regulations, tariffs and trade protection measures; potential
security vulnerabilities; potential IT outages, data loss, data
breaches and cyber-attacks; uncertainties involving the ordering
and shipment of AMD’s products; quarterly and seasonal sales
patterns; the restrictions imposed by agreements governing AMD’s
notes and the secured credit facility; the competitive markets in
which AMD’s products are sold; AMD's ability to generate sufficient
revenue and operating cash flow or obtain external financing for
research and development or other strategic investments; the
potential dilutive effect if the 2.125% Convertible Senior Notes
due 2026 are converted; market conditions of the industries in
which AMD products are sold; AMD’s reliance on third-party
intellectual property to design and introduce new products in a
timely manner; AMD's reliance on third-party companies for the
design, manufacture and supply of motherboards, software and other
computer platform components; AMD's reliance on Microsoft
Corporation and other software vendors' support to design and
develop software to run on AMD’s products; AMD’s reliance on
third-party distributors and add-in-board partners; future
impairments of goodwill and technology license purchases; AMD’s
ability to attract and retain qualified personnel; AMD's
indebtedness; AMD's ability to generate sufficient cash to service
its debt obligations or meet its working capital requirements;
AMD's ability to repurchase its outstanding debt in the event of a
change of control; the cyclical nature of the semiconductor
industry; the impact of acquisitions, joint ventures and/or
investments on AMD's business; the impact of modification or
interruption of AMD’s internal business processes and information
systems; the availability of essential equipment, materials or
manufacturing processes; compatibility of AMD’s products with some
or all industry-standard software and hardware; costs related to
defective products; the efficiency of AMD's supply chain; AMD's
ability to rely on third party supply-chain logistics functions;
AMD’s stock price volatility; worldwide political conditions;
unfavorable currency exchange rate fluctuations; AMD’s ability to
effectively control the sales of its products on the gray market;
AMD's ability to adequately protect its technology or other
intellectual property; current and future claims and litigation;
potential tax liabilities; and the impact of environmental laws,
conflict minerals-related provisions and other laws or regulations.
Investors are urged to review in detail the risks and uncertainties
in AMD’s Securities and Exchange Commission filings, including but
not limited to AMD’s Quarterly Report on Form 10-Q for the quarter
ended June 27, 2020.
Media Contact:Drew
PrairieAMD
Communications512-602-4425drew.prairie@amd.com
Investor Contact:Laura
GravesAMD Investor
Relations408-749-5467laura.graves@amd.com
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