Fitch rates H-P notes A+

Fitch Ratings said it assigned an A+ rating to Hewlett-Packard Co.'s offering of senior unsecured debt.

The outlook is stable.

The long-term issuer default rating is A+.

Proceeds will be used for general corporate purposes.

HP-'s ratings reflect solid credit protection measures, strong financial flexibility and liquidity, significant recurring revenue, broad product portfolio, extensive market coverage and geographically diversified revenue base, the agency said.

Concerns include risk of debt-financed acquisitions or share repurchases, sustainability of the recent rebound in demand for IT hardware, threat of longer-term cannibalization of traditional PC demand from desktop virtualization and the potential long-term threat to H-P's highly profitable printer supplies business from remanufactured or counterfeit cartridges, the agency noted.

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