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Moody's upgrades Accenture over 'entrenched' market position

Moody's on March 25 upgraded Accenture PLC's long-term issuer rating to Aa3 from A1, with a stable outlook, citing its "entrenched" market position.

The action reflects Moody's expectations that Accenture will remain the largest independent IT services firm, benefiting from "favorable" trends as companies migrate to digital and cloud-related solutions.

"Accenture's credit profile benefits from a resilient business model supported by long-term relationships with the largest global companies, a stellar reputation, and predictable cash flow," Moody's said.

Accenture has strong liquidity, with no material reported debt, helping it compete with strong rivals in a fast-evolving technology industry.

Moody's projects Accenture's constant-currency revenue to grow by at least mid-single digits over the next two years, with adjusted operating margins near 15%. Operating cash flow is estimated to surpass $6.5 billion annually.