Good question
The subject of H.P.,has came up on many occasions,but with little resolve.The genaraly accepted standard,for years,was based on cu.inchs,and that being slightly over 1 h.p. per cu.in.Just my opinion,but I would also assume the h.p. rating would be based on a certain r.p.m.A case in point could be Stihl 046[and 048] at 4.67 cu in,and 6.03 h.p.,most likely taken at 12,000 rpm.This,as opposed to McCulloch super 44A[oldie] at 5.3 cu in,and 6.5 hp,at 6,500[governer equipted]I am also under the opinion that some of the ratings were "enhanced",from the manufacturers.Case in point,Sachs-Dolmar 166,with a rating of 12 Hp,at 123cc.At the same ccs,are Stihl 084,088,McCulloch cp-125 and sp 125 and Husqvarna 3120[118 cc]Homelite 2100s[114cc] ,yet all these have ratings around 8 to 8.5 hp,if I'm not mistaken.