On May 1, 2003, Standard&Poor's Ratings Services affirmed its 'A-' corporate credit rating and revised its outlook on Hewlett-Packard Co. (HP) to stable from negative. Standard&Poor's also raised HP's short-term corporate credit and commercial paper ratings to 'A-1' from 'A-2'. The 'A-1' commercial paper rating-–unusual for an issuer with an 'A-' corporate credit rating–-is based on HP's overwhelming liquidity, ample access to capital, and stabilized rating outlook. The outlook revision is based on reduced integration risk from the Compaq Computer Corp. acquisition, as well as HP's improving profitability and strong cash generation characteristics. Palo Alto, Calif.-based HP is a leading, global vendor of computing and imaging solutions and services, with annual revenues in excess of $70
