HP is issuing four tranches of senior unsecured debt today, proceeds of which will be issued to prefund its pending acquisition of Autonomy Corp. plc. Commitments under the existing bridge facility will be reduced by the dollar amounts raised. In our view, the financing does not alter our opinion of HP's financial profile. We are assigning our 'A' senior unsecured rating to the notes and placing them on CreditWatch with negative implications. On Sept. 13, 2011, Standard&Poor's Ratings Services assigned its 'A' senior unsecured rating to debt issued by Palo Alto, Calif.-based Hewlett-Packard Co. (HP) and immediately placed the rating on CreditWatch with negative implications, along with our existing corporate, senior unsecured, and short-term ratings on HP. On
