Ratings on Hewlett-Packard Co. and related entities are on CreditWatch with negative implications, where they were placed on Sept. 4, 2001, following the announcement that HP reached a definitive stock-for-stock merger agreement with Compaq Computer Corp. Palo Alto, Calif.-based Hewlett-Packard Co. is a leading, global vendor of computing and imaging solutions and services, with fiscal 2000 revenues of $48.7 billion. Houston, Texas-based Compaq is the leading worldwide manufacturer of personal computers (PCs) and enterprise systems, with fiscal 2000 revenues of $42.4 billion. The combined company will have a leading worldwide position in servers, PCs, hand-held devices, and imaging and printing. The CreditWatch placement of HP is based on the acquisition of a lower-rated company with a similar-size revenue base, and
