Fitch assigns Wipro first-time A-minus IDR

Singapore, June 15 : Fitch Ratings has assigned Wipro Ltd long-term foreign and local currency issuer default ratings and foreign currency senior unsecured rating of A-minus.
The outlook is stable. Fitch has also assigned an A-minus rating to proposed senior unsecured notes to be issued by Wipro's fully-owned subsidiary Wipro IT Services LLC.
The issuance will be unconditionally and irrevocably guaranteed by Wipro which will use the issuance proceeds to refinance existing debt and for general corporate purposes.
Fitch said 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," it said.
Wipro is India's fourth largest IT services company by revenue after Tata Consultancy Services, Infosys and HCL Technologies.