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HPQ » Topics » Available Borrowing Resources

This excerpt taken from the HPQ 10-Q filed Mar 11, 2010.

Available Borrowing Resources

        At January 31, 2010, we had the following resources available to obtain short-term or long-term financings if we need additional liquidity:

 
   At January 31, 2010  
 
   In millions
  

2009 Shelf Registration Statement(1)

     Unspecified  

Commercial paper programs(1)

     16,200  

Uncommitted lines of credit(1)

     1,500  

Revolving trade receivables-based facilities(2)

     140  
(1)
For more information on our available borrowings resources, see Note 12 to the Consolidated Condensed Financial Statements in Item 1, which is incorporated herein by reference.

(2)
For more information on our revolving trade receivables-based facilities, see Note 4 to the Consolidated Condensed Financial Statements in Item 1, which is incorporated herein by reference.

63

Credit Ratings

        Our credit risk is evaluated by three independent rating agencies based upon publicly available information as well as information obtained in our ongoing discussions with them. The ratings for the fiscal year ended October 31, 2010 were:

 
   For the three months ended January 31, 2010
 
   Standard & Poor's
Ratings Services 		  Moody's Investors
Service 		  Fitch Ratings
Services

Short-term debt ratings

   A-1   Prime-1   F1

Long-term debt ratings

   A   A2   A+

        We do not have any rating downgrade triggers that would accelerate the maturity of a material amount of our debt. However, a downgrade in our credit rating would increase the cost of borrowings under our credit facilities. Also, a downgrade in our credit rating could limit our ability to issue commercial paper under our current programs. If this were to occur, we would seek alternative sources of funding, including drawdowns under our credit facilities or the issuance of notes under our existing shelf registration statements.

This excerpt taken from the HPQ 10-K filed Dec 17, 2009.

Available Borrowing Resources

        At October 31, 2009, we had the following resources available to obtain short-term or long-term financings if we need additional liquidity:

 
   At October 31, 2009  
 
   In millions
  

2009 Shelf Registration Statement(1)

     Unspecified  

Commercial paper programs(2)

     16,200  

Uncommitted lines of credit(3)

     1,600  

Revolving trade receivables-based facilities(4)

     269  
(1)
In May 2009, we filed a shelf registration statement (the "2009 Shelf Registration Statement") with the SEC to enable us to offer for sale, from time to time and as the capital markets permit, in one or more offerings, an unspecified amount of debt securities, common stock, preferred stock, depositary shares and warrants.

(2)
Our commercial paper programs are supported by various credit facilities, including a $3.5 billion credit facility expiring in February 2010 and a $2.9 billion credit facility expiring in May 2012. Our ability to have a U.S. commercial paper outstanding balance that exceeds the $6.4 billion supported by our credit facilities is subject to a number of factors, including liquidity conditions and business performance. HP also has registered for the Commercial Paper Funding Facility ("CPFF") provided by the Federal Reserve Bank of New York, which would enable HP to issue three-month unsecured commercial paper through a special purpose vehicle of the Federal Reserve. The maximum amount of commercial paper that HP may issue at any time through this program is $10.4 billion less the total principal amount of all other outstanding commercial paper that HP has issued. The CPFF program is currently scheduled to expire on February 1, 2010. As of October 31, 2009, HP had not issued any commercial paper under the CPFF program. See Note 13 to the Consolidated Financial Statements, which is incorporated herein by reference, for additional information about these credit facilities and the CPFF program.

(3)
HP maintains uncommitted lines of credit from a number of financial institutions that are available through various foreign subsidiaries.

(4)
We have revolving trade receivables-based facilities permitting us to sell certain trade receivables to third parties on a non-recourse basis. The aggregate maximum capacity under these programs was $568 million as of October 31, 2009.

71

Table of Contents


HEWLETT-PACKARD COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of
Financial Condition and Results of Operations (Continued)

EXCERPTS ON THIS PAGE:

10-Q
Mar 11, 2010
10-K
Dec 17, 2009

RELATED TOPICS for HPQ:

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