HCL Technologies Ltd. (HCL Tech) has diversified service offerings, good revenue visibility, global service delivery capabilities, and healthy EBITDA margins, in our opinion. The company's strong operating cash flows, low capital investment needs, and conservative financial policies support its financial position. Changing industry dynamics because of emerging digital technology, and cost pressures amid persistent protectionist sentiment in the company's key markets temper these strengths. On Jan. 17, 2020, S&P Global Ratings assigned its 'A-' long-term issuer credit rating to HCL Tech, an India-based provider of information technology (IT) software and services. The stable outlook on HCL Tech reflects our view that the company will maintain its market position and strong operating cash flows over the next 12-24 months. The rating
