S&P rates Hewlett-Packard notes A

Standard & Poor's said it assigned an A senior unsecured rating to Hewlett-Packard Co.'s (A/stable/A-1) senior unsecured notes issued in three tranches due 2012, 2013 and 2015.

The A corporate credit rating is unaffected.

"The rating on HP reflects our expectation that the company's strong market positions and its base of recurring revenues characteristic of printer supplies and business services will continue to support its financial strength and flexibility," S&P analyst Lucy Patricola said in a statement.

S&P said it expects the company to maintain its minimal financial risk profile as it pursues growth objectives and shareholder returns.

The rating incorporates an expectation that HP will generally operate at debt-to-EBITDA ratio of about 1x, with capacity to temporarily exceed the threshold for a period of 12 to 18 months, according to the agency.

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