S&P Global Ratings revised the outlook on Intel Corp. to stable from positive and downgraded its short-term issuer credit rating to A-1 from A-1+, citing a potential weakening of the company's credit measures over time.
The rating agency affirmed the company's long-term issuer credit and senior unsecured debt ratings at A+.
S&P Global Ratings believes that while Intel continues to expand its revenue base and maintain solid credit measures, such measures could weaken over time as ongoing capital investments and share repurchases are shrinking the company's cash balances.
The stable outlook reflects Intel's top position among semiconductor manufacturers, its scope for product diversification, and consistent cash flow generation despite major investments.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.