On March 29, 2006, Standard & Poor's Ratings Services affirmed its 'BBB' corporate credit rating on Infosys Technologies Ltd., an information technology service provider based in India. The outlook is stable. The rating on Infosys reflects its conservative financial policy and profile, superior cost efficiency, and improving business and customer diversity. These strengths are, however, partly offset by high capital expenditure and spending on training, constraints affecting its India-based operations, and the cyclical nature of the IT service industry. Infosys is one of the top three IT service providers in India, with revenue at US$1.6 billion in the nine months ended Dec. 31, 2005. About 98% of its revenue is generated from overseas assignments through a global network of 37
