The ratings on France-based IT consulting and service company Cap Gemini S.A. reflect Standard&Poor's Ratings Services' assessments of the group's business risk profile as "satisfactory" and financial risk profile as "intermediate." The ratings are underpinned by the group's broad and diversified capabilities in IT services, solid and growing offshore base, and adequate cost control. Rating strengths also include Cap Gemini's sound balance sheet and conservative financial policy. The ratings are constrained by the cyclical and intensely competitive nature of the IT services industry, which results in low margins, frequent capacity adjustment costs, and large intrayear working capital needs. Cap Gemini reported solid revenue growth of 11% to €9.7 billion in 2011, or 6% on an organic basis, supported
