We expect French IT service provider Cap Gemini S.A. will further improve its already strong balance sheet through growing free cash flow generation. In our base case for 2014-2015, we expect modestly improving operating results and a strengthening of its already solid credit measures. We are raising our long-term ratings on Cap Gemini to 'BBB+' from 'BBB'. The stable outlook reflects our expectation that the company will preserve a solid balance sheet, including a significant net cash position and a Standard&Poor's-adjusted debt-to-EBITDA ratio below 1.5x. PARIS (Standard&Poor's) Aug. 5, 2014--Standard&Poor's Ratings Services said today that it had raised its long-term corporate credit rating on France-based information technology (IT) consulting and services provider Cap Gemini
