Tuesday, 18 January, 2022
HomeANI Press ReleasesFitch assigns Wipro first-time A-minus IDR

Fitch assigns Wipro first-time A-minus IDR

Text Size:

The IT software major is expected to maintain net cash position over medium term

Singapore, June 15 (ANI): Fitch Ratings has assigned Wipro Ltd long-term foreign and local currency issuer default ratings and foreign currency senior unsecured rating of A-minus.

The outlook is stable. Fitch has also assigned an A-minus rating to proposed senior unsecured notes to be issued by Wipro’s fully-owned subsidiary Wipro IT Services LLC.

The issuance will be unconditionally and irrevocably guaranteed by Wipro which will use the issuance proceeds to refinance existing debt and for general corporate purposes.

Fitch said Wipro’s IDRs reflect its strong market position in the global IT services industry, improving business performance, robust industry growth trends, stable profitability and cash generation, and a conservative capital structure.

“We expect Wipro to maintain its net cash position over the medium term,” it said.

Wipro is India’s fourth largest IT services company by revenue after Tata Consultancy Services, Infosys and HCL Technologies. (ANI)

This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

Most Popular