Nov. 28, 2012, 3:49 p.m. EST
By Benjamin Pimentel
SAN FRANCISCO (MarketWatch) – Moody’s Investor Service on Wednesday said it has lowered Hewlett-Packard’s HPQ +2.99% long-term credit ratings to Baa1 from A3, with a negative outlook. “Although H-P will maintain strong to leading positions in a number of product areas, the company’s credit profile will remain weaker than previously expected over the intermediate term,” Moody’s senior vice president Richard Lane said in a statement. Moody’s said the negative rating outlook is based on concerns about competitive pressures, and execution challenges. H-P shares were last trading up 3% to $12.74. The stock has shed 8% this month, and has fallen 51% year-to-date.