Fitch applies A+ to Intel notes

Fitch Ratings said it assigned an A+ rating to Intel Corp.'s $2 billion 3.734% senior notes maturing Dec. 8, 2047, which Intel expects to issue in connection with the first of two concurrent exchange offers intended to retire higher coupon senior notes.

Pro forma for settlement of the exchange offers, Intel's total debt decreased by $344 million to about $31.3 billion as of Sept. 30.

“Fitch expects Intel's strong market positions in data-centric businesses (estimated 30% market share) and personal computer (PC)-centric businesses (estimated 90% market share) provide significant revenue scale with positive double digit top line growth in data-centric businesses more than offsetting secular decline in PC-centric markets,” the agency said in a news release.

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