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S&P raises Accenture
S&P said it raised the issuer credit rating on Accenture plc to AA- from A+.
“The upgrade reflects our positive view of Accenture's strong business profile, demonstrated business stability thorough various economic cycles, consistent growth above global information technology (IT) spending and strong cash flow generation over a multiyear period. In fiscal 2020 (ended Aug. 31, 2020), consulting revenues increased 2% and outsourcing revenues 7%,” S&P said in a press release.
“Overall, the company's revenue increased 4% and adjusted free operating cash flow (FOCF) was $8.2 billion, converting about 90% of EBITDA to FOCF, even as global IT spending declined about 3% in 2020,” the agency noted.
The outlook is stable.
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