Moody's assigns A3 rating to Infosys with stable outlook
Global credit rating agency Moody's Investors Service on Wednesday assigned 'A3' local-currency issuer rating to Infosys with stable outlook, citing the company's strong financial profile.
"The rating is based on Infosys' status as a leading IT consulting and services firm, with operations across business segments and geographies, profitability and a solid balance sheet," said the city-based firm in a statement, citing Moody's.
The rating puts the $10.9-billion software exporter two notches above the Indian government's Baa2 stable rating, thanks to the information technolgy major's international revenue base and a strong financial profile.
Infosys has 'A' rating from the US-based financial services firm Standard & Poor's.
"With Moody's and S&P's ratings, the company will have dual investment grade ratings, which are higher than India's sovereign ratings from both these agencies," Infosys said.
The stable outlook takes into account the company's liquidity, a debt-free balance sheet, strong operating metrics, and a robust business model.
"Moody's rating is a testimony to our resilient global business model, which has delivered consistent business outcomes over the years," said the company's Chief Financial Officer M.D. Ranganath in the statement.
The rating is also reflective of the company's robust financial position, healthy cash flow and a good financial performance, added Ranganath.- IANS