Broad and varied IT service offerings, geographically diversified revenues, and a solid client base. Established presence in the more predictable outsourcing segment. Highly competitive and fragmented IT services industry. Exposure to economic cycles and clients' IT budgets. Although gradually improving, operating margins trailing behind principal U.S.-based or Indian peers. Moderate debt leverage and solid deleveraging prospects from strong free operating cash flow generation. Prudent financial policies and strong liquidity position. The stable outlook reflects S&P Global Ratings' expectation that Cap Gemini will generate organic revenue growth of about 3% in 2016 and 2017, while improving adjusted EBITDA margins to about 14%-15% in the same period. We also expect that the company will use part of its free operating cash flow
