This report does not constitute a rating action. Overview Key strengths Key risks One of the market leaders in the geographies where it operates. Operations in the highly competitive and fragmented business process outsourcing (BPO) industry, and smaller size compared to industry leaders, result in below-industry-average profitability. Strong revenue visibility with long-standing customer relationships (about 20 years with its largest clients) and very low churn rate (less than 3%). Development of generative artificial intelligence (AI) technologies could disrupt the customer relationship management (CRM) industry in the future, with an anticipated negative effect on revenue, but positive influence on profitability. However, growth opportunities in ancillary AI-related services and digital offerings could more than offset revenue pressure. Reasonable geographical diversification with services
