S&P gives BBB to Hewlett Packard notes

S&P said it assigned its BBB issue-level rating to Hewlett-Packard Enterprise Co.'s senior unsecured fixed-rate notes and senior unsecured floating-rate notes.

The company will use the proceeds from the notes for general corporate purposes, which may include the redemption of $1.1 billion outstanding senior unsecured notes due Oct. 5, 2017.

S&P said Hewlett-Packard Enterprise’s financial risk is minimal, reflecting S&P’s expectation that the company’s debt to EBITDA including S&P’s adjustments for operating leases, pensions, captive finance operations and surplus cash will remain below 1.5x in 2017 and 2018.

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