Intel's (INTC) Credit Rating Downgraded by S&P; Shares Fall

Dec 11, 2024

Intel (INTC, Financial) shares dropped over 1% to $19.95 after S&P downgraded its credit rating from BBB+ to BBB, maintaining a stable outlook. The downgrade follows Intel's revenue of $38.84 billion for the first nine months of the year, which was flat compared to the previous year and below expectations. The departure of CEO Pat Gelsinger, crucial for Intel's integrated manufacturing strategy, adds uncertainty to its transformation plans. Despite assurances that business strategies will largely remain unchanged, S&P assumes the new CEO might introduce changes, potentially affecting the company's path to profitability.

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