Conservative financial policy and profile. Superior cost efficiency. Ability to withstand margin erosion Sovereign risks. Risk of rapid expansion. Possible visa restrictions. Cyclical and competitive nature of the IT service industry. The 'BBB' local currency corporate credit rating and 'BBB-' foreign currency corporate credit rating assigned to India headquartered global IT service provider, Infosys Technologies Ltd. (Infosys), reflect the following strengths: Conservative financial policy and profile. Infosys has a clearly articulated and conservative financial policy that restricts the use of debt. The company strives to maintain substantial liquid assets of at least 25% of revenue, or 40% of total assets, and limits dividend payout to not more than 20% of net profit. Its financial profile is very strong, as reflected
