Good service-delivery capability. Robust EBITDA margins because of cost-efficient operations. Largely India-based operations. Exposure to protectionist policies. Robust and stable cash flows. Conservative financial policies with zero external debt. Large unhedged exposure to foreign exchange fluctuations. The negative outlook on Infosys Ltd. reflects the outlook on the sovereign credit rating on India (unsolicited rating BBB+/Negative/A-3). We could lower the rating on Infosys if we lower our transfer and convertibility assessment on India, which could happen if we downgrade the sovereign. We could revise the outlook to stable if the outlook on the sovereign credit rating is revised to stable. Demand growth will be slow in fiscal 2014 (ending March 31, 2014), and begin to improve from fiscal 2015. Infosys' growth
