S&P is downgrading H-P's (HPQ) debt to BBB+ from A, with a stable outlook. The agency's...

|About: HP Inc. (HPQ)|By:, SA News Editor

S&P is downgrading H-P's (HPQ) debt to BBB+ from A, with a stable outlook. The agency's reasons include reduced liquidity and flexibility following the Autonomy acquisition; stock buybacks "well in excess of discretionary cash flow;" and concerns about H-P's "inconsistent growth strategies" and high levels of board and management turnover.