Standard & Poor's Ratings Services said today that it had revised the rating outlooks on three Indian information technology companies to negative from stable. At the same time, we affirmed our 'BBB+' long-term corporate credit ratings on these entities. The three companies are Infosys Ltd., Tata Consultancy Services Ltd, and Wipro Ltd.

The outlook revisions follow a similar action on the sovereign credit rating on India (BBB-/Negative/A-3) (see "Outlook On India Revised To Negative On Slow Fiscal Progress, Deteriorating Economic Indicators; 'BBB-' Rating Affirmed," published April 25, 2012, on RatingsDirect on the Global Credit Portal).

Our ratings on Indian information technology companies reflect our 'BBB+' transfer and convertibility (T&C) assessment of India. We could lower the ratings on these companies if we revise downward our T&C assessment. We could lower our T&C assessment if we downgrade the sovereign credit rating.