Fitch assigns A- to HCL Technologies notes

Fitch Ratings said it assigned HCL Technologies Ltd. first-time long-term foreign- and local-currency issuer default ratings of A-. The outlook is stable.

Fitch also assigned a senior unsecured rating of A- to the $500 million senior notes due 2026 issued by HCL America Inc. and guaranteed by HCL.

“The ratings reflect HCL's strong market position in the global and Indian IT services industries, leadership in the engineering and R&D segment, buoyant industry growth, robust profitability and cash generation, and a highly conservative capital structure. We expect HCL to maintain its net cash position over the medium term,” Fitch said in a news release.

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