🇺🇸Fitch raised Intel’s outlook to stable; Intel recently completed $23 billion in equity financing supporting higher capital expenditure.

Fitch affirmed Intel’s long-term issuer default rating and senior unsecured debt rating at BBB. It also affirmed Intel’s short-term issuer default and commercial-paper ratings at F2 while revising the outlook from negative to stable.

Fitch cited progress in Intel’s technology and product-roadmap execution, together with operating performance that exceeded the rating agency’s expectations. The agency also referenced Intel’s recently completed $23 billion of equity financing.

The equity funding supports increased capital expenditure intended to meet strong demand, according to Fitch’s assessment. The source did not provide the financing instruments, investors, issue prices, or resulting dilution.

Fitch expects Intel to begin reducing net debt in 2027 and to lower earnings before interest, taxes, depreciation, and amortization leverage to below 2.5 times over approximately the next 12 months. Those leverage and debt statements are Fitch forecasts rather than completed operating results.