In a recent move, S&P Global Ratings has downgraded chipmaker Intel Corp’s credit rating to ‘BBB’ from ‘BBB+’. This decision was influenced by the slow business recovery and uncertainty surrounding management changes within the company.
Intel’s revenue for the first nine months of this year remained relatively stagnant at $38.84 billion, falling below the expectations set by S&P Global. This lackluster performance contributed to the downgrade in credit rating.
The departure of CEO Pat Gelsinger, who played a crucial role in Intel’s integrated manufacturing strategy, further adds to the uncertainty surrounding the company’s turnaround plan. S&P Global highlighted concerns about potential changes under new leadership impacting the timing of Intel’s recovery.
Despite assurances from Intel that its business strategy will remain intact, there is still speculation about adjustments that may occur under new leadership. This element of unpredictability could potentially hinder Intel’s progress towards revitalization.
Gelsinger’s premature exit before completing his four-year roadmap to reclaim Intel’s position as a leader in producing cutting-edge computer chips underscores challenges faced by the company…
2024-12-10 18:06:38
Original article available at finance.yahoo.com