Fitch rates Wipro, notes A-

Fitch Ratings said it assigned Wipro Ltd. long-term foreign- and local -currency issuer default ratings and a foreign-currency senior unsecured rating of A-. Fitch also gave an A- rating to the planned senior unsecured notes to be issued by Wipro's fully owned subsidiary, Wipro IT Services, LLC. Wipro Ltd. will guarantee the notes.

“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,” Fitch said in a press release.

Wipro will use the proceeds to refinance debt and for general corporate purposes.

The outlook is stable.

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