(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.

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.