Strong market positions; Solid base of recurring revenues, reflecting printer supplies and business services; Product and geographic diversity; and Resilient business model that generates sizable cash flows throughout the cycle. Volatile and rapidly evolving technology markets; and Highly competitive industry conditions. The ratings on Palo Alto, Cal.-based Hewlett-Packard Co. (HP) reflect a strong business profile and modest financial risk. Technology risk and highly competitive market conditions partly offset those factors. HP is a leading global vendor of computing and imaging solutions and services, with fiscal 2009 revenues of $114.6 billion. The acquisition of EDS enhances HP's position as one of the top-tier global IT services providers, further broadening its product portfolio and earnings base. Consolidated segment operating margins have increased
