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S&P Revises Rating Outlooks On Infosys, TCS, Wipro

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Standard & Poor's Ratings Services said on Wednesday that it had revised the rating outlooks on three Indian information technology companies to negative from stable. At the same time, it affirmed 'BBB+' long-term corporate credit ratings on these entities. The three companies are Infosys Ltd, Tata Consultancy Services Ltd and Wipro Ltd.

The outlook revisions follow a similar action on the sovereign credit rating on India (BBB-/Negative/A-3).

S&P ratings on Indian information technology companies reflect its 'BBB+' transfer and convertibility (T&C) assessment of India.  S&P also said it could further lower the ratings on these companies if it revised downward T&C assessment. T&C assessment will be lowered if sovereign credit rating is further lowered.