On April 4, 2005, Standard & Poor's Ratings Services assigned its 'BBB-' foreign currency and 'BBB' local currency ratings to global IT service provider, Infosys Technologies Ltd. (Infosys), which is headquartered in India. The outlook is stable. Infosys is the first company in India to attain a credit rating higher than the sovereign ratings (BB+/Stable/B). The ratings on Infosys reflect its very conservative financial profile and policy, which feature ample liquidity, strong operating cash flow, and a debt-free balance sheet. The ratings on Infosys reflect the following strengths: Conservative financial policy and profile. Infosys has a clearly articulated and conservative financial policy that restricts the use of debt. The company strives to maintain substantial liquid assets of at least 25%
