Moody’s ups Genpact to investment-grade

Moody's Investors Service said it assigned an issuer rating of Baa3 to Genpact Ltd. and a Baa3 rating to the company's senior unsecured credit facilities issued by Genpact International, Inc.

The outlook is stable.

At the same time, the agency withdrew Genpact's Ba1 corporate family rating.

Moody's also withdrew the ratings previously assigned to the Genpact International's $800 million senior secured term loan due 2020 and a $350 million senior secured revolving credit facility due 2020. These ratings were assigned due to an internal administrative error.

"The upgrade into investment grade from Ba1 reflects Genpact's strong financial metrics that continue to outperform our upward rating triggers, in turn supported by its diversified business profile and prudent and well-articulated financial policies," Moody's vice president and senior analyst Kaustubh Chaubal said in a news release.

For the 12 months ended September 2016, Genpact reported debt/EBITDA of 2.3 times, EBITA/interest expense of 10.4 times and free cash flow/debt of 20%.

The upgrade reflects the company's consistently strong performance and the agency’s expectation that its key credit metrics will remain comfortably positioned for its Baa3 rating.

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