Cap Gemini has announced its intention to acquire U.S.-based business process outsourcing and IT service provider IGATE Corp. for a total enterprise value of about €4.3 billion. We understand Cap Gemini intends to fund the purchase primarily with debt and cash on hand, which would more than offset the deal's modestly positive impact on the enlarged company's profitability and business position in the U.S. We are therefore lowering our ratings on Cap Gemini to 'BBB' from 'BBB+'. The stable outlook reflects our expectation that the company will generate low-single-digit organic revenue growth in 2015 and 2016 and maintain a Standard&Poor's-adjusted debt-to-EBITDA ratio within the 2.0x-2.5x range in 2016. On April 27, 2015, Standard&Poor's Ratings Services lowered
