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NEW YORK - Moody's Investors Service said Monday it is hiking its credit ratings for Advanced Micro Devices Inc. after the chip maker won a $1.25 billion settlement in its antitrust dispute with rival Intel Corp.
Moody's raised AMD's overall rating to B2, up one notch from B3. The agency also raised its rating on $390 million in notes due 2012 to B2, up two notches from Caa1. A B2 is still considered non-investment, or "junk," grade.
The ratings outlook is "Positive."
Moody's said the settlement will help AMD lower its debt level and allow it to operate more effectively by cutting its capital costs.
Though Intel has not admitted to any wrong doing, it has agreed to pay AMD the $1.25 billion rather than risk going to trial. AMD has accused Intel of using unfair sales tactics to push competitors out of the market.
AMD shares were down 7 cents, or 1.1 percent, to $6.46 in afternoon trading, while Intel, which announced Monday it was raising its dividend, jumped 43 cents, or 2.2 percent, to $20.25.
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