Hewlett-Packard Company -- Moody's downgrades Hewlett-Packard Company to Baa2; outlook stable

New York, August 14, 2015 -- Moody's Investors Service ("Moody's") downgraded the senior unsecured rating of Hewlett-Packard Company ("HP") to Baa2 from Baa1 and confirmed the Prime-2 short term rating. This completes a review initiated on October 6, 2014 when HP announced its intent to separate its Enterprise businesses from the company's personal computer and printing operations through a tax free spin-off to shareholders. Subject to customary regulatory filings, HP expects the separation will be completed by the end of fiscal year ending October 2015. Following the spinoff, HP will be renamed Hewlett-Packard Inc. ("HPI"). This rating action incorporates Moody's expectation that there is a high likelihood that the separation occurs and thus looks through to the credit profile of HPI. The outlook is stable.

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