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Moody's raises EDS ratings after HP takeover

Tue Oct 7, 2008 10:17am EDT

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NEW YORK, Oct 7 (Reuters) - Moody's Investors Service on Tuesday raised the senior unsecured debt rating on Electronic Data Systems (EDS) to reflect the guarantee provided by its parent Hewlett-Packard (HPQ.N).

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Moody's raised EDS' rating by four notches to "A2", or sixth-highest investment grade, from "Baa3," or one notch above speculative, or 'junk' status.

The rating agency placed EDS ratings on review when HP announced it was buying the company in a deal that closed Aug. 26. (Reporting by Ciara Linnane; Editing by Tom Hals)

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