U.S. information technology company Hewlett-Packard is issuing multiple tranches of new senior unsecured debt. We expect the company to use proceeds to reduce commercial paper and refinance maturing debt. We are rating the new senior unsecured debt 'A'. Our 'A' corporate credit rating on the company remains unchanged. The stable rating outlook reflects the company's balance mix of earnings across business segments, strong liquidity, and significant free cash flow generation. On May 25, 2011, Standard&Poor's Ratings Services assigned Palo Alto, Calif.-based Hewlett-Packard Co.'s multiple tranches of new senior unsecured debt its 'A' issue-level rating. Our 'A' corporate credit rating on the company remains unchanged. The rating outlook is stable. The 'A' corporate credit rating reflects Standard&Poor's
