Hewlett-Packard Co. (HP) is completing its planned separation from its enterprise computing business, HP Enterprise Inc. (HPE), through a tax-free stock distribution. At the close of the transaction, the new company will be called HP Inc. (HPI). We are lowering our corporate credit and issue ratings on Hewlett-Packard Co. and Hewlett International Bank PLC to 'BBB' from 'BBB+' and removing them from CreditWatch. At the same time, we are affirming our 'A-2' short-term rating for commercial paper on HP, and removing the rating from CreditWatch. The stable outlook reflects our expectation that HP will maintain a leadership position in flat to slightly declining global printing and personal computing markets in 2016, with longer-term opportunities for revenue and earnings growth, and
