S&P: Hewlett-Packard notes A

Standard & Poor's said it assigned an A senior unsecured rating to two tranches of notes issued by Hewlett-Packard Co. Its A long-term and A-1 short-term corporate credit ratings remain unchanged.

The proceeds will be used to reduce commercial paper borrowings, among other general corporate purposes.

The ratings reflect an expectation that the company will maintain its strong business profile and modest financial profile despite ongoing technology risk, S&P said, along with highly competitive market conditions and a recent escalation in acquisitive growth strategies.

The company's strong business profile is based on its leadership position in computing and imaging solutions and services, with fiscal 2009 revenues of $126 billion, the agency said.

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