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. Conservative leverage, although it could increase due to larger-than-expected acquisitions and shareholder distributions. The stable outlook on Genpact Ltd. reflects our view that the company will maintain its competitive position and above-average profitability over the next 12-24 months. We also assume that Genpact will keep its ratio of debt to EBITDA below 2x while making any acquisitions or shareholder distributions. We expect the company's revenue growth and EBITDA margin to gradually improve over the next 12 months. We may lower the rating if Genpact's EBITDA margin falls sharply to below 15% or its
