S&P assigns A- to HCL Technologies

S&P said it assigned an A- rating to HCL Technologies Ltd.

“With revenue of more than $9.3 billion in the 12 months ended Sept. 30, 2019, HCL Tech ranks third among IT software and services providers in India, behind Tata Consultancy Services Ltd. (TCS; US$21.6 billion) and Infosys Ltd. ($12.4 billion), but ahead of Wipro Ltd. ($8.5 billion). The company has a significant presence in the U.S. (64% of revenue in the six months ending Sept. 30, 2019), the largest outsourcing market globally. It also has a strong clientele of almost 1,300 as of Sept. 30, 2019, and a healthy record of about 95% repeat business, in addition to good client additions and deal-win rate,” said S&P in a press release.

The outlook is stable.

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