SAN FRANCISCO (S&P Global Ratings) Aug. 8, 2023--The State of Oregon Business Development Commission and Industrial Development Authority of the City of Chandler, Ariz. announced they are reoffering Intel Corp.-related sewage and wastewater treatment bonds. The bonds rely on payments from Intel to the issuers. The bonds are secured by those payments, which are guaranteed by Intel. The bonds are not secured by the facilities or by Intel's leasehold interest in the facilities. We view them as equivalent to Intel's senior unsecured debt, which we rate 'A'. As such there is no change to the 'A' ratings on the bonds.
The bonds affected are:
- $141.9 million State of Oregon Business Development Commission recovery zone facility bonds series 232;
- $156.6 million Industrial Development Authority of the City of Chandler, Ariz. industrial development revenue bonds series 2005; and
- $125 million Industrial Development Authority of the City of Chandler, Ariz. industrial development revenue bonds series 2007.
This report does not constitute a rating action.
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| Primary Credit Analyst: | David T Tsui, CFA, CPA, San Francisco + 1 415-371-5063; david.tsui@spglobal.com |
| Secondary Contact: | Andrew Chang, San Francisco + 1 (415) 371 5043; andrew.chang@spglobal.com |
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