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, including limiting dividend payout to 20% of net profit. Its financial profile is strong, as reflected in its solid cash flows, with funds from operations (FFO) of over US$900 million in fiscal 2007 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 from its efficient cost structure and high quality workforce. Its efforts to increase the proportion of off-site work while
