Good market position in global financial and accounting outsourcing services. Strong profitability with higher EBITDA margins than most peers. High segmental concentration. Healthy operating cash flows. Possible increase in leverage due to acquisitions and special dividend. The stable outlook on Genpact Ltd. reflects our expectation that the company will maintain its competitive position and above-average profitability over the next 12-24 months. We also assume that Genpact will not make further large acquisitions or shareholder distributions in 2014 and 2015. However, we expect the company's revenue growth and EBITDA margins to be subdued over the next 12 months. We may lower the rating if Genpact significantly increases shareholder distributions or acquisitions beyond our expectation and EBITDA margins fall sharply to below
