Standard & Poor's Rating Services cut Advanced Micro Devices
Inc.'s corporate credit rating to 'B' from 'BB,' citing the chip maker's "'vulnerable' business risk profile."
S&P pointed to "intense competition from Intel Corp. as well as prospects for tablet computing to continue to subdue PC industry growth and AMD's earnings over the coming year."
However, S&P said AMD has "an opportunity to stabilize its operating performance in 2013 and has liquidity sufficient to bridge this period of weak performance."
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