S&P Global downgrades Intel’s credit rating on slow recovery, management changes

Share This Post

[ad_1]

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

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 integrated manufacturing strategy, also adds uncertainty to the execution of the company’s turnaround plan, S&P Global said.

“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.

Growfast

  • AI and Generative AI for Finance

    Finance

    AI and Generative AI for Finance

    By – Hariom Tatsat, Vice President- Quantitative Analytics at Barclays

  • Master in Python Language Quickly Using the ChatGPT Open AI

    Artificial Intelligence(AI)

    Master in Python Language Quickly Using the ChatGPT Open AI

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Excel Essentials to Expert: Your Complete Guide

    Office Productivity

    Excel Essentials to Expert: Your Complete Guide

    By – Study At Home, Quality Education Anytime, Anywhere

  • A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024

    Web Development

    A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Mastering Full Stack Development: From Frontend to Backend Excellence

    Web Development

    Mastering Full Stack Development: From Frontend to Backend Excellence

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • C++ Fundamentals for Absolute Beginners

    Web Development

    C++ Fundamentals for Absolute Beginners

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis

    Office Productivity

    Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • MySQL for Beginners: Learn Data Science and Analytics Skills

    Data Science

    MySQL for Beginners: Learn Data Science and Analytics Skills

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Business Storytelling Masterclass

    Leadership

    Business Storytelling Masterclass

    By – Ameen Haque, Founder of Storywallahs

  • Microsoft Word Mastery: From Beginner to Expert

    Office Productivity

    Microsoft Word Mastery: From Beginner to Expert

    By – CA Raj K Agrawal, Chartered Accountant

  • Digital Marketing Masterclass by Neil Patel

    Marketing

    Digital Marketing Masterclass by Neil Patel

    By – Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru

  • Java Programming with ChatGPT: Learn using Generative AI

    Artificial Intelligence(AI)

    Java Programming with ChatGPT: Learn using Generative AI

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Complete Guide to AI Governance and Compliance

    Legal

    Complete Guide to AI Governance and Compliance

    By – Prince Patni, Software Developer (BI, Data Science)

  • 12-Factor App Methodology: Principles and Guidelines

    Web Development

    12-Factor App Methodology: Principles and Guidelines

    By – Prince Patni, Software Developer (BI, Data Science)

  • Mastering Microsoft Office: Word, Excel, PowerPoint, and 365

    Office Productivity

    Mastering Microsoft Office: Word, Excel, PowerPoint, and 365

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • AI and Analytics based Business Strategy

    Artificial Intelligence(AI)

    AI and Analytics based Business Strategy

    By – Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI

  • JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT

    Web Development

    JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Building Your Winning Startup Team: Key Strategies for Success

    Entrepreneurship

    Building Your Winning Startup Team: Key Strategies for Success

    By – Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience

  • Basics of Generative AI: Unveiling Tomorrow's Innovations

    Artificial Intelligence(AI)

    Basics of Generative AI: Unveiling Tomorrow’s Innovations

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Microsoft Designer Guide: The Ultimate AI Design Tool

    Design

    Microsoft Designer Guide: The Ultimate AI Design Tool

    By – Prince Patni, Software Developer (BI, Data Science)

  • Collaborative AI Foundations: Working Smarter with Machines

    Artificial Intelligence(AI)

    Collaborative AI Foundations: Working Smarter with Machines

    By – Prince Patni, Software Developer (BI, Data Science)

  • Learn InVideo AI: Create Videos from Text Easily

    Artificial Intelligence(AI)

    Learn InVideo AI: Create Videos from Text Easily

    By – Prince Patni, Software Developer (BI, Data Science)

  • Advanced C++ Mastery: OOPs and Template Techniques

    Web Development

    Advanced C++ Mastery: OOPs and Template Techniques

    By – Metla Sudha Sekhar, IT Specialist and Developer

  • Canva Magic Write: Ideas to Stunning Slides in No Time

    Design

    Canva Magic Write: Ideas to Stunning Slides in No Time

    By – Prince Patni, Software Developer (BI, Data Science)


S&P Global, however, kept its company outlook “stable” to reflect its view that Intel will experience growth after a modest recovery next year.

Discover the stories of your interest


(Reporting by Leroy Leo in Bengaluru; Editing by Krishna Chandra Eluri)

[ad_2]

Source link

spot_img

Related Posts

WitchSpin Casino’s Magical Theme: A Unique Gaming Experience

Online casinos today are not just about winning money....

Norwegian Tourists’ Favorite Online Gaming Destinations for Vacation

As the world becomes increasingly interconnected, many Norwegian tourists...

Non-Disclosure Agreement for Franchise Opportunity Discussions

When discussing franchise opportunities, both the franchisor and potential...

ZF 8HP50 Vaidmuo Hibridiniuose ir Elektriniuose Automobiliuose

ZF 8HP50 yra pažangiausia aštuonių pavarų automatinė transmisija, kuri...

Dating Men in Their 30s: What Changes and What Stays the Same

Navigating the world of relationships can be a unique...

The Calorie-a-Day Strategy: Balancing Nutrition and Weight Loss

When it comes to weight loss, the approach to...
spot_img