Conservative financial policy and profile. Superior and improving cost efficiency. Improving business and customer diversity. High capital expenditure and spending on training. Constraints affecting India-based operations. Cyclical and competitive nature of the IT service industry. The 'BBB' corporate credit rating on Infosys Technologies Ltd., an IT service provider based in India, reflects the following strengths: Conservative financial policy and profile. Infosys has a clearly articulated and conservative financial policy that restricts the use of debt and ensures adequate liquidity. The company strives to maintain substantial liquid assets of at least 25% of revenue, or 40% of total assets, and limits dividend payout at 20% of net profit. Its financial profile is very strong, as reflected in its solid cash flows,
