An improved market position A significant and growing base of recurring revenues, especially printer supplies Product and geographic diversity Strong brand name recognition and image A history of successful product development, well supported by R&D funding Significant near-term integration risks Highly competitive and rapidly evolving technology market Palo Alto, Calif.-based Hewlett-Packard Co. (HP) is a leading, global vendor of computing and imaging solutions and services, with pro forma 2001 revenues in excess of $80 billion. The ratings reflect the improved market position of HP after its May 2002 merger with Compaq Computer Corp. and its strong financial profile for the rating. However, these factors are partially offset by the heightened level of operational and strategic execution risk inherent in a
