SINGAPORE (Standard&Poor's) March 6, 2014--Standard&Poor's Ratings Services said today that its ratings and outlook on Genpact Ltd. (BBB-/Stable/--), a service provider in business process outsourcing (BPO), are not affected by the company's proposal to buy back up to US$300 million (8%) of its common shares. The shareholder distribution is in line with our base-case expectation that the company will actively manage shareholder returns. We expect Genpact's ratio of debt to EBITDA to increase to 1.2x as of Dec. 31, 2014, after the share buyback, compared with our previous expectation of 0.9x. We believe the company will regularly use its surplus cash to make acquisitions or shareholder distributions, while restraining leverage, as indicated in a net debt-to-EBITDA
