S&P rates Intel's proposed senior unsecured notes 'A+'
Dec 4 - Standard & Poor's Ratings Services today assigned its 'A+' issue rating to Santa Clara, Calif.-based Intel Corp.'s proposed senior unsecured notes. The company will use the proceeds for general corporate purposes, including to repurchase shares under its existing repurchase authorization. This transaction does not affect our 'A+' corporate credit rating or stable outlook on the company. In our view, Intel's minimal financial risk profile remains intact due to its capacity within the current rating to accommodate the transaction. We expect adjusted pro forma leverage to rise to about 0.7x from 0.4x as of Sept. 30, 2012, and that leverage will remain below 1.0x through an industry cycle. Intel's debt to EBITDA includes our adjustments for $600 million in operating leases and nearly $1 billion of pension-related obligations. RELATED CRITERIA AND RESEARCH -- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012 -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011 -- Use Of CreditWatch And Outlooks, Sept. 14, 2009 -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008 Temporary contact number: John Moore (917-592-3295) RATING LIST Intel Corp. Corporate Credit Rating A+/Stable/A-1+ New Rating Intel Corp. Senior Unsecured Notes A+ Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
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