NEW YORK (Standard&Poor's) Sept. 4, 2001--Standard&Poor's today placed its ratings on Hewlett-Packard Co. and related entities on CreditWatch with negative implications and its ratings on Compaq Computer Corp. on CreditWatch with positive implications. The CreditWatch listings follow the announcement that the companies have reached a definitive stock-for-stock merger agreement (see list below). Although the transaction is not expected to close until the first half of 2002, the corporate credit rating is likely to remain in the single-'A' category, based on Standard&Poor's preliminary assessment of the combined entity. Palo Alto, Calif.-based Hewlett-Packard Co. is a leading, global vendor of computing and imaging solutions and services, with fiscal 2000 revenues of $48.7 billion. Houston, Texas-based Compaq
