Advanced Micro Devices Inc’s settlement with Intel Corp is encouraging Moody’s Investors Service Inc to consider raising the B1 rating on Advanced Micro Devices Inc’s $150m preferred stock and also on the company’s $400m shelf registration (P)Ba1 senior secured debt, (P)Ba2 senior unsecured debt, (P)B1 subordinated debt and (P)B1 preferred stock.
Xerox Corp’s credit ratings stand as far as Standard & Poor’s Corp is concerned in the wake of its deal to pay $960m for 19.6% more of Rank Xerox Ltd, in which it currently holds 51%. The agency affirmed the single-A senior debt rating of Xerox Corp and Xerox Credit Corp, the A-minus rating on Xerox Corp’s preferred stock, and the A-1 rating on the commercial paper of Xerox Corp and Xerox Credit Corp, adding that the outlook is stable. The ratings reflect the company’s core strength in document processing and the stable outlook is based on a strong position in the core document processing business and large amount of recurring revenues.
Rogers Communications Inc faces a possible rating downgrade at Standard & Poor’s Corp, which currently rates the Canadian cable and telecommunications company’s senior debt at double-B-minus, the senior secured debt of Rogers Cablesystems Ltd at double-B-plus senior secured debt and Rogers Cantel Mobile Inc’s double-B senior secured debt and double-B-minus subordinated debt. About $1,400m of debt is affected. The move follows Rogers Communications’ announcement that it has been granted an option to acquire Canadian Pacific Ltd’s 48% interest in Unitel Communications Holdings Inc for about $150m. – o – Telekom Malaysia Bhd has had its long-term foreign currency rating upgraded to A-plus from A by Standard & Poor’s Corp. This reflects the company’s strong capital structure and rapid growth potential, according to ratings agency. The majority shareholder, the Government of Malaysia has also recently had its foreign currency rating upgraded.
