NEW YORK (Standard&Poor's CreditWire) Sept. 12, 2000--Standard&Poor's today placed its ratings on Hewlett-Packard Co. and units on CreditWatch with negative implications (see list below). The CreditWatch placement is based on Hewlett-Packard's confirmation that it is in discussions regarding a possible acquisition of PricewaterhouseCoopers' global management and information technology consulting practice. The ratings on Hewlett-Packard reflect its position as a leading, global vendor of computer printers, computer systems and services, and peripherals. Fiscal 1999 revenues of $42.4 billion incorporate a dominant position in the laser/inkjet printer market and important positions in the personal computer and server markets. The company's historical financial performance has been very consistent, despite quarterly fluctuations in growth and profitability. Responsive control of expenses
