A memoria questa e' la prima volta che leggo di una promozione tripla di rating.....in pieno Covid poi.....
Moody's Upgrades AMD's Senior Unsecured Bonds by Three Notches into Investment Grade
Moody’s upgraded AMD’s senior unsecured credit rating to Baa3 from Ba3 and also withdrew its corporate family rating of Ba2. At a time when the world has witnessed a record number of downgrades, this upgrade of three notches is unique as it pushes the company up into investment grade category from junk territory, making it a rising star (Term of the day, explained below). Moody’s upgrade is based on expectations of strong operating performance and balance sheet financial policies as well as the release of security on the company's previously secured $500mn credit facility. According to the report, "AMD's credit profile reflects the company's strong performance and outlook, driven by continued design wins, market share gains, and an expanded set of product offerings and customers. With recent new product launches, we expect strong revenue growth in 2020 driven by new desktop, mobile, server, and graphics chips, and the launch of semi-custom revenue related to game consoles in the second half of 2020. Additionally, already low leverage will continue to decline while the company's liquidity profile remains excellent." The rating agency forecasts revenues of $8.9bn in the year with a ~20% growth projected in 2021 and gross margins of ~45% this year. The company has very low debt levels, which are likely to decline further with improved performance.
