More good news for AMD bondholders (since everything about AMD is inevitably good news).
"Elsewhere, among key losers in Tuesday's secondary trading session, Advanced Micro Devices' (NYSE:AMD - news) 11 percent debt issue sank three points to a 96-1/2 bid, traders said.
Earlier this month, the company posted an operating loss of $162 million, or $1.10 per share, excluding one-time gains in the second quarter. In the same period a year ago, the company posted a loss of $64.6 million, or 45 cents a share.
Moody's Investors Service downgraded Advanced Micro's senior secured debt to B2 from Ba3, and its subordinated debt to Caa1 from B3, earlier this month."
The rating agency said the action was based on heightened concerns over the firm's ability to generate positive cash flow over the next several quarters, given the chronic manufacturing problems related to its K6 microprocessor, intensifying price competition in its mircroprocessor business, uncertainties surrounding the firm's ability to execute its transition to the K7 processor, and growing concerns about liquidity over the intermediate term.
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