The ratings on Hewlett-Packard Co. (HP) reflect the company's broad market position and strong financial profile for the rating. 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 continued 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 2004 revenues of $80 billion. Although operating profitability in the company's imaging and printing group weakened on a year-over-year basis over the past three quarters, HP posted strong growth in revenues and EBITDA in the July 2005 quarter, driven by operating performance improvements in the personal
