Good service-delivery capability. Moderate sectoral and customer diversity. Largely India-based operations that expose the company to protectionist policies abroad. Healthy and stable cash flows. Conservative financial policies with a net cash position. Exposure to foreign exchange fluctuations. The stable outlook on Wipro Ltd. reflects our view that the company will maintain its good competitive position and profitability, and a net cash positive position over the next 24 months. We are unlikely to downgrade Wipro in the next 12-24 months because of the company's stable business and net cash positive position. However, we may lower the rating if: (1) Wipro's competitive position weakens with the loss of major clients; or (2) the company significantly increases its leverage, with the ratio of
