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Standard & Poor’s on Friday upgraded India’s top three information technology firms, noting that these businesses have the ability to withstand sovereign stress.
The agency has raised its long-term corporate credit rating on Tata Consultancy Services to A from BBB+ and on Infosys and Wipro to A- from BBB+. The outlook on the rating for Infosys and Wipro is ‘stable’, while for TCS the outlook on the foreign currency rating is ‘negative’ and that on its local currency is ‘stable’.
The negative outlook on TCS’ foreign currency rating is a reflection of the negative outlook on India’s sovereign credit rating. S&P’s rating for India currently stands at BBB- with a ‘negative’ outlook.
However, India’s Transfer & Convertibility (T&C) assessment stands at BBB+. T&C is the rating associated with the likelihood of the sovereign restricting non-sovereign access to forex needed to service debt.