NEW YORK (Standard&Poor's) Feb. 7, 2007--Standard&Poor's Ratings Services said today that it raised its corporate credit rating on Palo Alto, Calif.-based Hewlett-Packard Co. (HP) to 'A' from 'A-'. The upgrade reflects improved profitability across HP's major business segments and a diminished earnings reliance on its printing and imaging segment. At the same time, Standard&Poor's affirmed its 'A-1' short term rating on HP. The outlook is stable. "The ratings reflect HP's satisfactory business profile and minimal financial risk," said Standard&Poor's credit analyst Martha Toll-Reed. These factors are partially offset by the significant level of operational execution risk inherent in the rapidly evolving technology market, as well as highly competitive industry conditions, which are
