Leading global provider of technology products and solutions. Product, geographic, and customer diversity. Renewed emphasis on product research and development. Rapidly evolving market conditions and ongoing strategic execution risks. Expected lack of revenue growth, restructuring charges, and industry pricing pressure will continue to pressure operating margins over the near term. Improved free operating cash flow (FOCF), sustained by stabilized operating profitability and reduced working capital requirements. Management emphasis on maintaining balance sheet strength. Moderate share repurchases, funded from discretionary cash flow. The stable outlook reflects our expectation that Hewlett-Packard Co. (HP) will maintain moderate financial policies, significant cash balances, and a "minimal" financial risk profile, providing important support for the rating as the company continues to execute its multiyear strategic
