Hewlett-Packard Co. recently clarified that it is maintaining its fundamental business mix, including the retention of its Personal Systems Group. The company also set expectations for lower revenues and profits in 2012. We are lowering our corporate credit rating on the company to 'BBB+' from 'A' and removing it from CreditWatch. We are also lowering the short-term rating to 'A-2' from 'A-1'. The stable outlook reflects our expectation that HP's operating trends and financial policies will sustain debt protection metrics near current levels. On Nov. 30, 2011, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on Palo Alto, Calif.-based Hewlett-Packard Co. (HP) to 'BBB+' from 'A', and removed them from CreditWatch, where they were placed
