SINGAPORE (Standard&Poor's) Sept. 26, 2008--Standard&Poor's Ratings Services said today that there is no immediate impact on its ratings on India's Infosys Technologies Ltd. (BBB/Positive/--) and Tata Consultancy Services Ltd. (TCS; BBB/Positive/--) following the recent financial market turmoil. However, the current environment increases the challenges in raising the rating, given that financial services represent the largest industry segment for both information technology (IT) services providers; their operating margins may weaken as a result. Nevertheless, both companies continue to register strong growth in nonfinancial sectors such as manufacturing, utilities, and healthcare. The current financial market turmoil could also eventually result in increased outsourcing to reduce cost and manage integration, thereby benefiting India's leading IT services providers. The ratings
