BENGALURU, India, October 3, 2018 /PRNewswire/ --
Given Infosys' international revenue base and strong financial profile, Moody's has rated Infosys two notches higher than the Government of India (Baa2 stable).
Moody's stated that its rating is based on Infosys' status as one of the world's leading Information Technology (IT) consulting and services companies, with diversified operations across multiple business segments and geographies, industry-leading profitability and a solid balance sheet.
The stable outlook on Infosys' ratings takes into account solid liquidity, a debt-free balance sheet, strong operating metrics, a robust business model and Moody's expectation that its competitive strength will be retained.
"The rating by Moody's is a testimony to the resilient global business model of Infosys which has delivered consistent business outcomes over the years. The rating underscores the company's strategic direction of helping our clients navigate the next in their journey. This is reflective of the company's robust financial position, healthy cash flow and industry leading financial performance," said M.D. Ranganath, Chief Financial Officer.
Infosys has an existing rating of A- from Standard & Poor's (S&P's) Ratings Service. With Moody's and S&P's ratings, Infosys will now enjoy dual investment grade ratings which are higher than India's sovereign ratings from both the above agencies.
Moody's press release on its ratings actions is available at https://www.moodys.com/research/Moodys-assigns-A3-rating-to-Infosys-outlook-stable--PR_389586
Infosys is a global leader in next-generation digital services and consulting. We enable clients in 45 countries to navigate their digital transformation. With over three decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.
Visit http://www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.
Certain statements in this press release are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, including statements concerning our future business opportunities and growth prospects. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2018. These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.