A strong market position; A significant base of recurring revenues, driven by printer supplies and services; Product and geographic diversity; Strong brand name recognition and image; and A history of successful product development, well supported by R&D funding. Volatile and rapidly evolving technology markets; Highly competitive industry conditions, which will constrain profitability improvements; and Although the mix of earnings is improving, the company still has a predominant earnings reliance on the Imaging and Printing segment. The ratings on Palo Alto, Calif.-based Hewlett-Packard Co. (HP) reflect its broad market position and strong financial profile for the rating. These factors partly are offset by the significant level of operational execution risk inherent in the highly competitive and rapidly evolving technology market, as
