Small player in fragmented business process outsourcing industry. Niche position in finance and accounting services. Stronger profitability than many outsourcing peers'. Higher segmental and client concentration than peers'. Healthy operating cash flows. Conservative leverage. Risks from larger acquisitions and shareholder distributions than we expect. The stable outlook on Genpact Ltd. reflects our expectation that the company will maintain its competitive position and above-average profitability over the next 12-24 months. We also expect Genpact's sizable free operating cash flows to help it maintain its leverage at current levels despite higher shareholder distributions. We may lower the rating if Genpact's EBITDA margin deteriorates below 15% or the company's debt-fueled shareholder distributions or acquisitions are beyond our expectations, resulting in the debt-to-EBITDA ratio
