S&P rates Intel's proposed senior unsecured notes 'A+'

Tue Dec 4, 2012 2:46pm EST

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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