The stable outlook on Infosys reflects our expectations that the company will maintain its competitive advantage and above-average profitability compared to peers over the next 18-24 months. We also expect the company to maintain its conservative financial policies and remain in a net cash position over this period. We could lower the rating on Infosys if the company's growth or its profitability weakens materially against our expectations. In a less likely scenario, we could also lower the rating if the company adopts a more aggressive financial policy, resulting in its debt-to-EBITDA ratio increasing beyond 1.5x sustainably. We see an upgrade as less likely over the next two years, given it would require a substantial improvement in Infosys' scale and diversity
