S&P assigns HP notes BBB+

Standard & Poor's said it assigned its BBB+ senior unsecured rating to two tranches of notes to be issued by Hewlett-Packard Co.

"The ratings on HP reflect our expectation that the company will maintain its 'strong' business profile and 'intermediate' financial profile despite highly competitive market conditions and ongoing share repurchases," said S&P credit analyst Molly Toll-Reed in a news release.

The BBB+ long-term and A-2 short-term corporate credit ratings remain unchanged.

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