AsianFin — Intel Corp. had its credit rating cut by one notch to BBB by Fitch Ratings, which cited persistent demand headwinds and assigned a negative outlook to the U.S. chipmaker.

The downgrade from BBB+ places Intel just two notches above speculative-grade, or “junk,” status, according to a Fitch note published Monday. The agency flagged concerns over Intel’s cash flow generation and execution risks as the company navigates a highly competitive semiconductor landscape.