S&P gives Tata Consultancy BBB

Standard & Poor's said it assigned its BBB corporate credit rating to Tata Consultancy Services Ltd.

The outlook is positive.

The rating reflects the company's conservative financial policy and profile as Tata Consultancy has a conservative financial policy that restricts the use of debt and ensures adequate liquidity, including dividend payout ratio of about 30%, the agency said.

S&P added that the company's financial profile is strong, as reflected in its solid cash flows, with funds from operations of more than Rs. 45 billion in fiscal 2007 and minimal leverage with total debt to EBITDA of 0.4x.

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