Moody's cuts Hewlett-Packard

Moody's Investors Service said it lowered the long-term credit ratings of Hewlett-Packard, including the senior unsecured rating to Baa1 from A3.

The Prime-2 short-term rating is affirmed.

The outlook is negative.

The new rating reflect our expectations that "although HP will maintain strong to leading positions in a number of product areas, the company's credit profile will remain weaker than previously expected over the intermediate term," Moody's senior vice president Richard Lane said in a news release.

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