Moody's cuts Hewlett-Packard International

Moody's Investors Service said it downgraded Hewlett-Packard International Bank's long-term bank deposit rating to Baa1 from A3.

The outlook on the long-term bank deposit rating is negative, in line with the outlook on the bank's parent, Hewlett Packard Co.

The bank's Baa1 standalone credit assessment was confirmed. The P-2 short-term bank deposit rating and the backed P-2 commercial paper rating were not part of this review.

Moody's said the downgrade of the bank's long-term bank deposit rating to Baa1 follows the downgrade of Hewlett-Packard to Baa1. Hewlett-Packard International's bank deposit rating is at the same level as the senior ratings of Hewlett-Packard, reflecting its full management control of Hewlett-Packard International's and that Hewlett-Packard International's leasing activities are an integral part of Hewlett-Packard.

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