Conservative financial policy with strong free cash flow generation Healthy margins due to cost-efficient operations Largely India-based operations Exposure to foreign exchange fluctuations The corporate credit rating on Infosys Technologies Ltd. reflects the company's conservative financial policy with strong free cash flow generation and its healthy margins due to cost-efficient operations. The company's largely India-based operations and its exposure to foreign exchange fluctuations temper these strengths. Infosys' service delivery capabilities and cost competitiveness support its competitive position. The company has a network of 63 global development centers, with 30 in India. Its workforce of over 1,30,000 is largely based out of India, which provides the company low-cost and skilled manpower. Nevertheless, high dependence on India-based operations exposes Infosys to sovereign
