NEW YORK (Standard&Poor's CreditWire) Dec. 22, 1999--Standard&Poor's today lowered its long-term debt ratings for Hewlett-Packard Corp. and Hewlett-Packard Finance Co. as indicated in the list below. The ratings are removed from CreditWatch, where they were placed March 2, 1999. The short-term ratings for the company were affirmed (see list). These ratings were not previously on CreditWatch. The long-term rating outlook is stable. The downgrade reflects Standard&Poor's view that Hewlett-Packard operates within an industry environment of increased business risk: the company must contend with rapid operating model evolution due to e-commerce and distribution channel changes, as well as the emergence of new technologies, products, and competitors as digital and communications technologies converge. The downgrade also
