The ratings on Hewlett-Packard Co. (HP) reflect Standard&Poor's Ratings Services' expectation that the company will maintain its "strong" business risk and "intermediate" financial risk profiles despite highly competitive market conditions, inconsistent growth strategies, and ongoing share repurchases. We view HP's business risk profile as strong, based on its leading position in a number of its markets, global reach, and well-established customer base. Our business risk assessment incorporates our view that ongoing investments, either organic or through acquisitions, will be required for HP to maintain its competitive position, due to the highly competitive and rapidly evolving nature of its markets. In addition, the company has endured a prolonged period of turnover in both the CEO suite and on the
