S&P Global downgrades Intel's credit rating on slow recovery, management changes
BY Reuters | CORPORATE | 12/10/24 06:04 PM ESTDec 10 (Reuters) - S&P Global Ratings on Tuesday
downgraded chipmaker Intel Corp's
The chipmaking icon's revenue for the first nine months of this year, which was roughly flat year-on-year at $38.84 billion, was below the ratings agency's expectations, S&P Global said.
The departure of CEO Pat Gelsinger, who was critical to the
Intel's
"Despite the company's assurances that business strategy will remain largely unchanged, we still assume some level of change under the new CEO, which could add to uncertainty of the timing of the business turnaround," the ratings agency said.
Gelsinger's departure came well before the completion of his
four-year roadmap to restore the company's lead in making the
fastest and smallest computer chips, a crown it lost to Taiwan
Semiconductor Manufacturing Co.
S&P Global, however, kept its company outlook "stable" to
reflect its view that Intel
(Reporting by Leroy Leo in Bengaluru; Editing by Krishna Chandra Eluri)