NEW YORK (Standard&Poor's) Sept. 23, 2011--Following yesterday's announcement that Hewlett-Packard Co. (HP) terminated Leo Apothekar as President and CEO after 11 months with the company, all of HP's ratings, including the 'A-1' commercial paper rating, remain on CreditWatch with negative implications. These ratings were placed on CreditWatch on Aug. 18, 2011, because of uncertainty around HP's future debt structure following the announcement of several transformative initiatives, including the strategic review of the PC business and the acquisition of Autonomy plc for about $11 billion in cash. The scope of our review will be expanded to include management continuity and governance, in addition to the implications of HP's strategic transformation cited on Aug. 18. Despite the company's commitment to
