NEW YORK (Standard&Poor's CreditWire) June 18, 2001--Standard&Poor's today affirmed its ratings and revised its outlook on Hewlett-Packard Co. to negative from stable. The outlook revision reflects Standard&Poor's expectation that profitability measures will be weak for the rating over the near term. Ratings on Hewlett-Packard Co. reflect its position as a leading, global vendor of computing and imaging solutions and services and its strong financial profile. Fiscal 2000, ended Oct. 31 revenues of $48.7 billion incorporate a dominant position in the laser/inkjet printer market and important positions in the personal computer and server markets. HP's historical performance has been very consistent, despite quarterly fluctuations in growth and profitability. However, HP's profitability in the first half
