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Moody's has slashed its rating for H-P's (HPQ +3%) senior unsecured debt to Baa1 from A3, with a...

Moody's has slashed its rating for H-P's (HPQ +3%) senior unsecured debt to Baa1 from A3, with a negative outlook. The agency had placed H-P on review for downgrade last month. It sees H-P's free cash flow falling to $4B next year thanks to its many challenges, and notes the IT giant has $13.6B in debt maturing from 2013-2015. However, it expects H-P to keep its cash balances above $8B, and to continue paring its debt load.
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