Dec 10 (Reuters) - S&P Global Ratings on Tuesday

downgraded chipmaker Intel Corp's ( INTC ) credit rating to

'BBB' from 'BBB+', on slow business recovery and uncertainty

following management changes.

The chipmaking icon's revenue for the first nine months of

this year, which was roughly flat year-on-year at $38.84

billion, was below the ratings agency's expectations, S&P Global

said.

The departure of CEO Pat Gelsinger, who was critical to the

Intel's ( INTC ) integrated manufacturing strategy, also adds uncertainty

to the execution of the company's turnaround plan, S&P Global

said.

"Despite the company's assurances that business strategy

will remain largely unchanged, we still assume some level of

change under the new CEO, which could add to uncertainty of the

timing of the business turnaround," the ratings agency said.

Gelsinger's departure came well before the completion of his

four-year roadmap to restore the company's lead in making the

fastest and smallest computer chips, a crown it lost to Taiwan

Semiconductor Manufacturing Co. ( TSM )

S&P Global, however, kept its company outlook "stable" to

reflect its view that Intel ( INTC ) will experience growth after a

modest recovery next year.