Intel’s credit rating downgraded by Fitch on demand challenges
Fitch downgrading US chipmaker Intel’s credit rating by one notch on Monday, according to a note by the ratings agency, which assigned a negative outlook to Intel’s rating.
Fitch downgraded Intel to BBB from BBB-plus, placing it just two notches shy of junk credit status.
The downgrade follows Fitch’s assessment that Santa Clara, California-headquartered Intel faces heightened challenges maintaining demand for its products. Fitch cited growing competition from peers such as Dutch rival NXP Semiconductors, Broadcom Inc and Advanced Micro Devices.
