France-based Capgemini has demonstrated strong financial performance, with continued margin and revenue growth, and resilient cash flow generation even during economic downturns. Additionally, the company has successfully increased its scale, expertise, and consulting capabilities, positioning it well to ramp up its product portfolio and further improving its balance sheet. We are therefore raising our long-term ratings on Capgemini to 'BBB+' from 'BBB'. The stable outlook reflects our expectation that the company will maintain strong cash flow generation and adjusted debt-to-EBITDA ratio below 2.0x. The upgrade reflects Capgemini's strong financial performance, with continued revenue growth and margin improvement in recent years, and its track record of resilient operating performance and cash flow generation also during economic downturns. We also upgraded Capgemini
