Broad and diversified service offering, geographically diversified revenues, and solid client base Opportunity to leverage off-shore capabilities Prudent financial policies and solid liquidity Healthy revenue growth and improving profitability Highly competitive environment Exposure to economic cycles and IT budgets Ongoing restructuring needs Improving but relatively low margin in the outsourcing division The ratings on France-based Cap Gemini S.A. reflect the company's broad and diversified capabilities in IT services, conservative financial policies, and continually improving operating and financial track record. Partially offsetting these factors is the intensely competitive nature of the IT services industry, which results in low margins and frequent capacity adjustment costs. With revenues of €8.7 billion in the 12 months ended June 30, 2008, Cap Gemini has a
