Summary: Genpact Ltd.

Good market position in global financial and accounting outsourcing services. Strong profitability with higher EBITDA margins than most outsourcing peers'. High segmental concentration. Healthy operating cash flows. Possible increase in leverage due to acquisitions and shareholder distributions. 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 maintain its ratio of debt to EBITDA below 2x while making any acquisitions or shareholder distributions. We expect the company's revenue growth and EBITDA margins to gradually improve over the next 12 months. We may lower the rating if Genpact significantly increases shareholder distributions or acquisitions beyond our expectation and its EBITDA

...Outlook: Stable 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 maintain its ratio of debt to EBITDA below 2x while making any acquisitions or shareholder distributions. We expect the company's revenue growth and EBITDA margins to gradually improve over the next 12 months....

Summary