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

S&P Global Ratings this week downgraded chipmaker Intel Corp’s (INTC.O) 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