NEW YORK (Standard&Poor's) October 28, 2011—Standard&Poor's Ratings Services said today that following yesterday's announcement that Hewlett-Packard Co. (HP) will retain the PC business, all of our ratings on HP, including the 'A-1' commercial paper rating, remain on CreditWatch with negative implications, where they were placed on Aug. 18. While the decision to keep the PC business removes one factor that contributed to considerable uncertainty around HP's future debt structure and business mix, the scope of review continues to include the following: Concerns cited in our Sept. 23, 2011 bulletin ("Hewlett-Packard Co. Ratings Still Watch Negative After Change Of Management," published on RatingsDirect on the Global Credit Portal) about management continuity and governance; HP's short-term intention to
