HP Inc.'s Proposed Senior Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) June 7, 2021--S&P Global Ratings today assigned its 'BBB' issue-level rating to HP Inc.'s proposed senior unsecured notes. This rating reflects the immaterial amount of priority debt in the company's capital structure and that the notes rank equally with its existing senior unsecured debt. HP will use the proceeds from these notes for general corporate purposes, including for eligible sustainability projects and to refinance its debt maturing in 2021. We expect the company's adjusted leverage will rise to the 1.0x-1.5x range as it executes its shareholder return program, which includes at least $1 billion of share buybacks per quarter. Our 'BBB' issuer credit rating is unchanged. The stable outlook on HP reflects our expectation for

...- Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 - General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - General Criteria: Methodology: Industry Risk, Nov. 19, 2013 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - ARCHIVE | Criteria | Corporates | Industrials: Key Credit Factors For The Technology Hardware And Semiconductors Industry, Nov. 19, 2013 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 - General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities, Nov. 13, 2012 - ARCHIVE | General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009...

Ratings Action