Broad and varied service offerings, geographically diversified revenues, and solid client base. Opportunity to leverage offshore capabilities. Prudent financial policies, strong liquidity, and adequate cost control. Growing presence in a more predictable outsourcing segment. Highly competitive environment. Exposure to economic cycles and IT budgets. Ongoing restructuring needs. The ratings on France-based IT consulting and service company Cap Gemini S.A. reflect Standard&Poor's Ratings Services' view of the group's financial risk profile as "intermediate" mainly owing to a sound balance sheet and a conservative financial policy. The ratings also reflect the group's business risk profile, which we view as "satisfactory" considering the group's broad and diversified capabilities in IT services, solid offshore base, and adequate cost control. Partially offsetting these
