Fitch affirms Wipro, HCL Tech's long term 'A-' rating, outlook stable

The rating agency, in a statement, said it has affirmed Wipro's senior unsecured rating on the $750-mn senior notes due 2026

Fitch Ratings has affirmed long-term foreign- and local-currency Issuer Default Ratings (IDRs) at 'A-' for Indian IT firms Wipro Ltd and HCL Technologies reflecting their strong market position.

The cutlook on instruments of both IT firms is stable.

The rating agency, in a statement, said it has affirmed Wipro's senior unsecured rating of 'A-' and the 'A-' rating on the $750-million senior notes due 2026 issued by Wipro IT Services, LLC and guaranteed by Wipro.

The ratings reflect Wipro's strong market position in the global IT service industry, improving business performance, robust industry growth, stable profitability and cash generation, and