Dec 13, 2013, 08.30 PM IST
The agency also raised the local currency ratings of the three companies to 'stable' and removed them from CreditWatch, where they were placed with positive implications on November 26, S&P said in a statement issued from Singapore.
Tags BBB+, S&P, CreditWatch, Abhishek Dangra
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S&P ups TCS, Infosys, Wipro credit rating to A from BBB+
The agency also raised the local currency ratings of the three companies to 'stable' and removed them from CreditWatch, where they were placed with positive implications on November 26, S&P said in a statement issued from Singapore.
Like this story, share it with millions of investors on M3
S&P ups TCS, Infosys, Wipro credit rating to A from BBB+
The agency also raised the local currency ratings of the three companies to 'stable' and removed them from CreditWatch, where they were placed with positive implications on November 26, S&P said in a statement issued from Singapore.
Also Read: Overseas investment by Indian firms at USD 2.28 bn in Nov
The agency also raised the local currency ratings of the three companies to 'stable' and removed them from CreditWatch, where they were placed with positive implications on November 26, S&P said in a statement issued from Singapore.
"We upgrade the long-term corporate credit ratings of TCS, Infosys and Wipro because we believe these companies have the business and financial flexibility to withstand a significant period of sovereign stress and still have enough liquidity to honor all its obligations in a timely manner," said S&P credit analyst Abhishek Dangra.
He said S&P rates these companies above the sovereign credit rating because it expects these firms to pass the hypothetical stress scenario, including a 20 percent fall in Ebitda margins and a 10 percent fall in the value of their rupee deposits with banks in the country.
"In our test of hypothetical sovereign stress, these companies have sufficient financial strength to be rated up to two notches above the 'BBB+' transfer and convertibility assessment of the country," Dangra said.
These companies also pass the transfer and convertibility assessment stress tests, which assume that they can access only 25 percent of their export revenue and have no access to cash flows and assets in the country. The rating revision was unsolicited, he said.
TCS stock price
On December 13, 2013, Tata Consultancy Services closed at Rs 2002.90, down Rs 23.95, or 1.18 percent. The 52-week high of the share was Rs 2258.05 and the 52-week low was Rs 1197.60.
The company's trailing 12-month (TTM) EPS was at Rs 77.28 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 25.92. The latest book value of the company is Rs 165.73 per share. At current value, the price-to-book value of the company is 12.09.
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