On March 2, 2015, global provider of technology products and solutions Hewlett-Packard Co. (HP) announced its plans to acquire Aruba Networks Inc. for approximately $2.7 billion in a transaction it expects to close by Oct. 31, 2015. On Feb. 24, 2015, Hewlett Packard reported quarterly results, including $26.8 billion in revenues, a decline of 5% year over year or 2% in constant currency, which is in line with our expectations for flat revenue performance in constant currency through 2015. On Oct. 6, 2014, we placed our ratings on HP on CreditWatch with negative implications following the company's announcement that it intends to separate into two public companies in a tax-free spin-off expected to close by the end of October 2015.
