Overview

• Fitch lowered Intel’s rating to BBB from BBB+ on August 4, placing the chipmaker two notches above junk status.
• The agency pointed to weak credit metrics and heightened competition from rivals including AMD, Qualcomm, Broadcom and NXP Semiconductors.
• Intel’s liquidity remains solid with $21.2 billion in cash and equivalents plus undrawn revolvers totaling about $12 billion and an affirmed F2 short-term rating.
• Fitch said Intel needs stronger market demand, successful product ramps and net debt reduction over the next 12–14 months to restore its investment-grade standing.
• The downgrade follows previous cuts by S&P Global in December and Moody’s in August 2024, underscoring prolonged competitive and operational pressures on Intel.