The ratings on Hewlett-Packard Co. (HP) reflect its broad market position and strong financial profile. These factors are partially offset by the significant level of operational execution risk inherent in the highly competitive and rapidly evolving technology market, as well as the company's predominant earnings reliance on its printing and imaging segment. Palo Alto, Calif.-based HP is a leading, global vendor of computing and imaging solutions and services, with fiscal 2003 revenues of $73 billion. Although HP continues to post strong results in its imaging and printing group, operating performance in the highly competitive personal systems and enterprise segments has been more variable and, in aggregate, subpar for the rating level. Nevertheless, cost reductions have boosted consolidated EBITDA (before restructuring
