Intel (INTC)’s senior unsecured rating was downgraded by Moody’s to BAA1 from A3 rating over apprehensions about the chipmaker’s profitability, Reuters reported Thursday citing the credit ratings firm.
Moody’s also changed Intel’s unsecured ratings outlook to negative from stable, while affirming the company’s Prime-2 short-term commercial paper rating, the report said.
Moody’s said that it expects Intel to face much weaker profitability over the next 12 to 18 months, according to Reuters.