07:05 AM EDT, 08/09/2024 (MT Newswires) -- 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 ( INTC ) 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 ( INTC ) to face much weaker profitability over the next 12 to 18 months, according to Reuters.

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