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 Exposure to foreign exchange fluctuation 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, including limiting dividend payout to 20% of net profit. Its financial profile is strong, as reflected in its solid cash flows, with funds from operations (FFO) of over US$900 million in fiscal 2007 and a debt-free
