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S&P rates Hewlett-Packard notes A
Standard & Poor's said it assigned an A senior unsecured rating to debt issued by Hewlett-Packard Co. and placed the rating on CreditWatch with negative implications.
The agency said it issued the watch after several announcements that created uncertainty around the company's future debt structure and financial profile.
As part of the Autonomy Corp. plc acquisition, HP said it obtained a commitment for £5 billion 364-day bridge facility to fund the acquisition and Tuesday's issuance will reduce that commitment, the agency noted.
Uncertainty remains, however, around the separation of the Personal Systems Group, S&P said.
Adjusted leverage as of the July quarter was 1.3x.
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