NEW YORK (Standard&Poor's) March 7, 2002--Standard&Poor's said today that it lowered its corporate credit and senior debt ratings on Palo Alto, Calif.-based Hewlett-Packard Co. to single-'A'-minus from double-'A'-minus and lowered its commercial paper rating to 'A-2' from 'A-1'-plus. The ratings remain on CreditWatch negative where they were placed on Sept. 4, 2001. The downgrade reflects Standard&Poor's view of HP's business and financial risk profile pro forma for the completion of the merger with Compaq Computer Corp. (BBB/Watch Dev/A-2). Ratings on Houston, Texas-based Compaq Computer Corp. remain on CreditWatch with developing implications, where they were placed Dec. 13, 2001. CreditWatch developing indicates that ratings could be revised upward or downward. Standard&Poor's recognizes the
