Moody's boosts Hewlett-Packard Bank to A2

Moody's Investors Service said it upgraded the long-term deposit ratings of Hewlett-Packard International Bank plc to A2 from A3. The P-1 short-term deposit rating was affirmed.

The outlook is stable.

The action follows a similar rating action for the bank's parent, Hewlett-Packard Co., rated A2/prime-1.

The ratings remain underpinned by the bank's full ownership by and support from Hewlett-Packard Co., which is committed to retaining 100% of the bank and to ensuring a minimum net worth for the bank pursuant to a support agreement, Moody's said.

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