Hewlett-Packard took a knock yesterday when Standard & Poor's (S&P) lowered its short and long-term debt rating in the wake of HP's $22bn offer for Compaq Computer.
The credit ratings agency referred to a "heightened level of operational and strategic risk" as the reason for its decision.
HP was disappointed with S&P's verdict but maintained that the merger would provide the answer to some of the concerns the company had voiced and would make money.
S&P acknowledged the value of the union, the merged company's improved standing in the market and HP's strong financial profile for the rating.
But it remained anxious that implementation risks would be great in competitive and changing market conditions.
The agency also argued that it would have cut back HP's ratings in spite of the union.
HP's unprofitable computer segments have brought about weaker profitability levels and reduced the company's earnings predictability, it said.
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