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Fitch downgrades Intel's credit rating amid rising competition
Fitch just dropped Intel's credit rating from BBB-plus to BBB, putting the chip giant only two steps above junk status.
The downgrade comes as Intel faces tough competition from companies like AMD, Broadcom, and NXP Semiconductors, making it harder for them to keep demand steady.
Intel needs to improve market game and reduce debt
To win back its higher rating, Intel needs to boost its market game and cut down on debt over the next year or so.
While Intel still has a solid cash cushion—over $21 billion—Fitch points out that rivals are catching up fast and earlier downgrades from S&P Global and Moody's show these challenges aren't going away soon.