Infosys surpasses sovereign rating

The global credit ratings provider Standard & Poor has assigned Infosys Technologies (Infosys) a credit rating higher than the agency's sovereign rating on India which is (BB+/Stable/B).

According to a release issued by Infosys to the BSE, the software bellwether has obtained 'BBB'. local currency and 'BBB-' foreign currency rating from Standard & Poor's ratings services. The outlook is stable.

"Infosys' good track record in the industry, its strategy of funding expansion through internal cash resources, and good debt capacity should allow the company to maintain a strong financial profile in the case of more adverse business conditions," said Standard & Poor's credit analyst Greg Pau, director in the corporate and infrastructure ratings group.

"Indian companies are globalizing rapidly and a good credit rating is a competitive advantage. This rating proves that the Indian industry is coming of age globally," said T V Mohandas Pai, member of the board and chief financial officer, of Infosys.