Wipro Ltd.'s good operating cash flows, flexibility on discretionary spending, and healthy cash position continue to support its financial strength. The slower growth in Wipro's revenues over the coming 12-18 months should therefore have limited impact on its credit profile. We are affirming our long-term issuer credit rating on the information-technology (IT) services company at 'A-'. The stable outlook reflects our view that Wipro will maintain its good competitive position and profitability, and a net cash positive position over the next 12-24 months, absent significant acquisitions. We expect the company to maintain its conservative financial policy and stay in a strong net cash position. Capital investment requirements remain low and we believe Wipro will remain prudent on acquisitions and shareholder
