On Wednesday, Credit analyst Dave Novosel at Gimme Credit also expressed concerns about the trade, pointing out that it may require a combination of equity and debt, which would push Qualcomm's leverage into junk bond territory. Data from FactSet shows that Qualcomm has over $14 billion in outstanding bonds, with a S&P Global rating of A. Intel, valued at over $50 billion, has a BBB+ rating, lowered in August due to concerns over soft near-term growth prospects and margin compression. Novosel noted that a large equity portion would result in significant dilution for shareholders. Being downgraded to junk status would increase Qualcomm's interest costs and exclude it from a broader group of investors, such as retirement funds that may only invest in investment-grade debt. Novosel began reporting on Qualcomm's underperforming bonds, pointing out a 50 basis point difference between the company's 2033 bonds and U.S. Treasuries. The analyst wrote, 'While we are unlikely to see the completion of an Intel deal, we are concerned Qualcomm might entertain such a commitment, as Qualcomm's dependence on Apple is another issue.'