UPDATED 19:05 PM EST, November 28, 2012
NEW YORK (AP) — Moody's Investors Service on Wednesday lowered its long-term credit rating on Hewlett-Packard, saying the technology giant will have trouble increasing sales of many of its products.
Moody's lowered HP's senior unsecured credit rating by one notch, to "Baa1" from "A3." The rating remains investment grade but Moody's said its outlook is negative, implying it could be further downgraded.
HP's finances will remain weaker than previously expected "over the immediate term," Moody's senior vice president Richard Lane said in the rating announcement.
