ICRA places iGATE under rating watch with negative implication

Written by: Pti
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Mumbai, Jan 13 (PTI) Rating agency ICRA today said ithas placed the issuer rating of IrAA� (I R double A) on iGATEGlobal Solutions Limited under rating watch with negativeimplications.

The rating action takes into account iGATECorporation''s decision to acquire majority stake in Mumbaibased Patni Computer Systems Limited (PCSL), ICRA said in astatement here.

Besides potential integration challenges with PCSL,eventual funding mix between debt and equity would be criticalto the credit profile of the company. ICRA will takeappropriate action as and when further details are available,it said.

iGSL, the flagship company of the US based iGATECorporation is a mid-sized IT / IT enabled services and BPOservice provider. It offers services including applicationdevelopment and maintenance, package implementation,infrastructure management services, technology consulting andBPO services. The company''s service offerings span acrossbanking, financial services and insurance (BFSI),manufacturing, media and healthcare verticals with a focus onthe BFSI vertical.

The company was voluntarily delisted from the Indianstock exchanges in February 2008 and currently the entireshareholding of the company is directly or indirectly held bythe holding company iGATE Corp.

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