The corporate credit rating on Infosys Technologies Ltd. reflects its strong financial profile and superior cost efficiency. These strengths are partly offset by the constraints of having largely India-based operations and exposure to foreign exchange fluctuations. Infosys is among the three largest India-based IT service providers, together with Tata Consultancy Services Ltd. (BBB/Stable/--) and Wipro Ltd. (BBB/Stable/--). The company posted revenue of US$4.6 billion for the 12 months ended Sept. 30, 2009. Infosys provides IT and IT-enabled services through its network of more than 50 global development centers, with over a 105,000 employees. A majority of the workforce is based in low-cost countries, particularly India. Infosys has consistently registered good operating performance. The company's EBITDA margins have remained above 30%
