Established position in the niche outsourcing services in finance and accounting. High recurring business and strong client relationships. Profitability still healthy, though declining, compared with many outsourcing peers. Small scale, limited service offerings and sectoral diversity. 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 12-18 months. We also expect Genpact's sizable free operating cash flows to help the company maintain its leverage at current levels despite high shareholder distributions. We are likely to lower the rating if we see Genpact's EBITDA margin approaching 15% sustainably because of (1) rising
