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, Calif.-based Hewlett-Packard Co. (HP) reflect Standard&Poor's Ratings Services' expectation that the company will maintain its strong business profile and modest financial profile despite ongoing technology risk, highly competitive market conditions, and a recent escalation in acquisitive growth strategies. We do not believe that new leadership will alter the company's strategic direction in a way that affects the rating. HP's strong business profile is based on its leadership position in computing and imaging
