France-based IT service provider Cap Gemini S.A. continues to report solid operating results, despite currently unfavorable economic conditions in many of its European markets. In our base case for 2013-2014, we expect modestly improving operating results and a strengthening of its already solid credit measures. We are raising our long-term corporate credit rating on Cap Gemini to 'BBB' from 'BBB-'. The stable outlook reflects our expectation that the company will preserve a solid balance sheet, including a positive net cash position and a Standard&Poor's-adjusted debt-to-EBITDA ratio of about 2.0x-2.5x. On July 30, 2013, Standard&Poor's Ratings Services raised its long-term corporate credit rating on France-based information technology (IT) consulting and services provider Cap Gemini S.A. to 'BBB'
