On Jan. 30, 2009, Standard&Poor's Ratings Services revised its rating outlook on India's Infosys Technologies Ltd. (Infosys) to stable from positive. At the same time, Standard&Poor's affirmed its 'BBB' long-term corporate credit rating on Infosys. The outlook revision reflects the deteriorating global economic conditions, which have now adversely affected demand in the non-financial sector; the demand was earlier expected to offset the challenges already being faced by the largest industry segment--financial services. The global downturn has also somewhat offset the benefits of improved geographical diversification achieved by Infosys through reduced dependence on the U.S. The current weak market conditions have also adversely affected pricing and employee utilization. In addition, there has been a slowdown in project
