NEW YORK (Standard&Poor's) March 30, 2006--Standard&Poor's Ratings Services said today that it affirmed its 'A-' corporate credit rating on Palo Alto, Cal.-based Hewlett-Packard Co. (HP), and revised the outlook to positive from stable. The outlook revision reflects our expectation that operating profitability will continue to improve over the near to intermediate term. "The ratings on Hewlett-Packard Co. reflect its broad market position and strong financial profile for the rating," said Standard&Poor's credit analyst Martha Toll-Reed. These factors partly are offset by the significant level of operational execution risk inherent in the highly competitive and rapidly evolving technology market, as well as the company's earnings reliance on its printing and imaging segment. HP is a
