Global provider of technology products and solutions Hewlett-Packard Co. announced today that it intends to separate into two new public companies in a tax-free spin-off expected to close by the end of fiscal 2015. We are placing our 'BBB+' corporate credit on HP on CreditWatch with negative implications. On Oct. 6, 2014, Standard&Poor's Ratings Services placed its 'BBB+' corporate credit rating on Palo Alto, Calif.-based Hewlett-Packard Co. (HP), as well as the issue ratings on HP's debt, on CreditWatch with negative implications. We also placed the 'A-2' commercial paper rating on CreditWatch negative. The CreditWatch placement follows HP's announcement that it plans to separate into two public companies in 2015 through a tax-free transaction. One of the new
