"Intel's Credit Rating Cut by S&P Global Following Slow Recovery and Management Shifts

S&P Global Ratings downgraded Intel Corp's credit rating from 'BBB+' to 'BBB' on Tuesday, citing slow business recovery and uncertainty following management changes.

Intel's revenue for the first nine months of this year, totaling $38.84 billion, was flat year-on-year and fell short of the ratings agency's expectations. The unexpected departure of CEO Pat Gelsinger, who was instrumental in Intel's integrated manufacturing strategy, also adds to the uncertainty surrounding the company’s turnaround efforts.

Despite Intel's assurance that its business strategy will largely remain the same, S&P Global anticipates some changes under the new CEO, which could delay the company's recovery.

Gelsinger's departure occurred before the completion of his four-year plan to reclaim Intel's lead in producing the fastest and smallest chips, a title now held by Taiwan Semiconductor Manufacturing Co. Despite these concerns, S&P Global maintained a "stable" outlook for Intel, expecting modest growth after a recovery next year.

Paraphrasing text from "Reuters" all rights reserved by the original author.