Moody’s might lower Hewlett-Packard

Moody's Investors Service said it placed the ratings of Hewlett-Packard Co. under review for downgrade following the company's announcement that it plans to separate its Personal Systems businesses (personal computer (PC) and printing) from its Enterprise businesses through a tax-free spin-off to shareholders.

Subject to customary regulatory filings, the company estimates the separation could be completed by the end of fiscal 2015. The company did not announce which of the businesses (Personal Systems or Enterprise) will be spun off or the expected debt levels and allocation of cash and marketable securities to each entity.

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