The corporate credit rating on Infosys Technologies Ltd. reflects the company's strong financial profile, superior cost efficiency, and improving business diversity. These strengths are partly offset by the constraints of having largely India-based operations, cost pressures, and exchange rate risk. Infosys is among the three largest India-based IT service providers, together with Tata Consultancy Services Ltd. (BBB/Positive/--) and Wipro Technologies Ltd., with revenue of US$4.2 billion for fiscal year ended March 31, 2008. Infosys provides end-to-end business solutions that leverage on technology by offering solutions that span the entire software life cycle. Infosys has superior cost efficiency to peers and a high-quality workforce. It has a network of 52 global development centers and about 91,200 employees, the majority of whom
