Fitch assigns A+ to Intel notes

Fitch Ratings said it assigned an A+ rating to Intel Corp.'s benchmark sized senior unsecured notes issuance.

Proceeds are expected to be used for refinancing existing debt scheduled to mature during 2016 and 2017.

Fitch currently rates the company’s long- and short-term issuer default ratings A+/F1.

The outlook is stable.

Intel had about $25 billion of debt outstanding as of April 2, including $2.1 billion of subordinated debt.

The notes will rank pari passu with all other unsecured and unsubordinated debt of Intel. The notes will be issued under an indenture dated March 29, 2006 as supplemented.

Fitch said it expects Intel's very strong market positions in the data center and personal computers (PC) to provide significant revenue scale, with cloud markets growing 40% annually offsetting high-single digit PC market (60% of revenues) declines.

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