Summary: Genpact Ltd.

Niche position in global process outsourcing services. Stronger profitability than peers'. Higher segmental and client concentration than peers'. Healthy operating cash flows. Conservative leverage. Risks from larger acquisitions and shareholder distributions than we expect. 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 anticipate that Genpact will maintain its ratio of debt to EBITDA below 2x while making acquisitions or shareholder distributions. We may lower the rating if Genpact significantly increases shareholder distributions or acquisitions beyond our expectation and its EBITDA margins fall sharply to less than 15%. A downgrade trigger could be the debt-to-EBITDA ratio increasing significantly to more than 2x.

Summary