Fitch Affirms AMD's IDR At 'CCC'

(RTTNews) - Fitch Ratings said Friday that it has affirmed the 'CCC' long-term Issuer Default Rating for Advanced Micro Devices Inc. (AMD) and rated the $500 million senior secured revolving credit facility 'B/RR1'.

Fitch's actions affect about $2.5 billion of total debt, including the mostly undrawn revolving credit facility.

Fitch said the ratings reflect its expectations for negative near-term free cash flow (FCF) and limited top-line visibility, despite solid product momentum heading into 2014. As a result, Fitch believes financial flexibility will remain limited as AMD seeks to increase revenues from non-legacy personal computing (PC) markets to 50% from 20% of total by 2015.