The 'BBB' corporate credit rating on Infosys Technologies Ltd., an IT service provider based in India, reflects the following strengths: Conservative financial policy and profile. Infosys has a clearly articulated and conservative financial policy that restricts the use of debt and ensures adequate liquidity. The company strives to maintain substantial liquid assets of at least 25% of revenue, or 40% of total assets, and limits dividend payout at 20% of net profit. Its financial profile is very strong, as reflected in its solid cash flows, with funds from operations (FFO) of over US$400 million per year, and a debt-free balance sheet. Superior and improving cost efficiency. With over 70% of its IT professionals employed based in India, the company benefits
