...November 2, 2021 PARIS (S&P Global Ratings) Nov. 2, 2021--S&P Global Ratings said today that it believes that the credit metrics of global IT service provider Capgemini SE (###/Stable/--) will strengthen further following the release of its third-quarter results and the upward revision of its guidance for the year. We expect the full-year results to provide Capgemini with ample headroom at the current rating, with its credit metrics moving closer to our rating upside triggers than we expected. Consequently, we have revised our base case for Capgemini and now project that the company's S&P Global Ratings-adjusted leverage will decline to about 2.7x in 2021 and 2.3x in 2022, from 3.6x in 2020. We also project that Capgemini's funds from operations (FFO) to debt will improve toward 30% in 2021 and about 33%-35% in 2022, from 22% in 2020. We previously forecast adjusted leverage of about 3.0x-3.1x in 2021 and 2.5x in 2022, and FFO to debt of 25% in 2021 and 32% in 2022. For rating upside, we...
