HCL Technologies commercial paper programme of Rs 500 crore has been assigned an A+ rating by ICRA.
This rating indicates highest credit quality rating assigned to short term debt instruments.
ICRA has considered various factors, including HCL Tech's leading position among Indian players in IT industry, its strong client base, wide range of services and experienced management team.
The IT industry is currently facing a difficult demand environment, compounded by economic slowdown, cut in IT budgets and political backlash in developed countries. HCL Tech, however, has been able to win orders aggregating to about $1.5 billion over the last 9 months.
The recent acquisition of Axon Group Plc (Axon) should help HCL Tech enhance its range of services and delivery capabilities in the SAP consulting space.
