Strong market positions; Product and geographic diversity; and Strong cash flow generation, supported by a sizable base of revenues that are recurring in nature. Highly competitive and rapidly evolving technology markets; Significant investments will likely be required to maintain its competitive position; and Emphasis on shareholder returns. The ratings on Hewlett-Packard Co. (HP) reflect Standard&Poor's Ratings Services' expectation that the company will maintain its "strong" business risk and "intermediate" financial risk profiles despite highly competitive market conditions, inconsistent growth strategies, and ongoing share repurchases. We view HP's business risk profile as strong, based on its leading position in a number of its markets, global reach, and well-established customer base. Our business risk assessment incorporates our view that ongoing
