01:41 PM EDT, 08/16/2024 (MT Newswires) -- Intel's ( INTC ) issuer credit rating was downgraded by S&P Global Ratings to BBB+ from A- with a negative outlook.

S&P said Friday that over the next two to three years, it anticipates the company to post weaker-than-expected revenue amid the challenging customer spending conditions and competitive dynamics in its core business segments.

"The negative outlook reflects Intel's ( INTC ) weaker revenue and earnings profile over the near term as it continues to navigate industry headwinds and competitive pressure," S&P said.

Intel ( INTC ) didn't immediately respond to a request for comment from MT Newswires.

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