Leading global position in a number of its printing and personal computing markets; Threats of diminished printing relevance, alternative supplies, and challenges to ramp up new technologies; and Recurring PC market declines. Our expectation for declining revenue performance over 2016 and 2017 should continue to constrain earnings and free cash flow; Modest financial risk profile, with leverage of about 1.5x-1.8x over 2016 and 2017; and Moderate shareholder return target of 50%-75% of its free cash flow mitigates deleveraging prospects. The stable outlook reflects S&P Global Ratings' expectation that HP Inc. (formerly Hewlett-Packard Co.) will maintain strong market positions in global printing and personal computing markets, despite our expectation for continuing declines in these markets in 2016 and 2017, with longer-term
