Fitch affirms HT Global IT

Fitch Ratings said it affirmed HT Global IT Solutions Holdings Ltd.'s long-term foreign and local currency issuer default ratings at BB-.

The outlook is stable.

The agency also affirmed the BB- rating on HT Global's $368 million 7% senior secured notes due 2021.

“The affirmation reflects our view that HT Global's 63% subsidiary, Hexaware Technology Ltd., will continue to generate robust free cash flow (FCF), supported by above industry-average growth,” Fitch said in a news release.

“HT Global's IDR reflects its mid-tier market position, solid customer base and diversified revenue. However, rating headroom remains low because the pace of deleveraging has slowed, following HT Global's sale of an 8% stake in Hexaware in August 2018.”

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