S&P: Intel unaffected

Standard & Poor's said its ratings on Intel Corp. (A/A-1+/stable) are not affected by the company's announcement that it will take a number of restructuring actions, including a workforce reduction of about 10,500 employees by mid-2007 and the avoidance of about $1 billion of future capital spending.

The agency added that the $200 million costs of the plan are more than offset by expectations of over $2 billion in near term cost savings and the company's overall financial strength.

Despite Intel's recent decline in operating performance, the agency said it expects the company to maintain its market leadership in its core microprocessor businesses.

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