S&P Global Downgrades Intel's Credit Rating Amid Slow Recovery and Management Changes

On Tuesday, S&P Global Ratings downgraded semiconductor manufacturer Intel Corp's (NASDAQ: INTC.O) credit rating from 'BBB+' to 'BBB' due to slow business recovery and uncertainty following management changes.

Intel's revenue for the first nine months of this year was approximately flat compared to the same period last year, totaling $38.84 billion.

S&P Global noted that the departure of CEO Pat Gelsinger, who is critical to Intel's integrated manufacturing strategy, adds uncertainty to the company's turnaround plans.

The rating agency stated, "Despite assurances that the company's business strategy will largely remain unchanged, we assume there will still be some changes under the new CEO, which could increase uncertainty regarding the timing of the business turnaround."