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Fitch assigns AA(ind)/F1+(ind) rating to Mindtree's loans

The ratings testify MindTree as a strong and stable player in the IT services sector.

Feb 9, 2009 - Bangalore, INDIA

MindTree Limited, a global IT and R&D Services Company, announced today that it has been assigned a Long-term rating of 'AA(ind)' and a Short-term rating of 'F1+(ind)' by Fitch Ratings. Further, the agency has rated the Outlook as "stable". Fitch is a leading global rating agency that provides credit opinions.

MindTree's Long-term rating ['AA(ind)'] indicates very low credit risk, and is applicable up to INR1,926.2M of long-term loans. The Short-term 'F1+(ind)' rating, which is the highest in the category, covers fund-based working capital limits up to INR1,717M and non-fund based working capital limits up to INR53M.

Fitch took a consolidated view of MindTree and Aztecsoft Ltd. for this evaluation.

"These ratings are significant as they reflect our financial strength and stability, even in the challenging economic environment that we live in today. This would not only help drive down interest costs for us, but also, more importantly, reinforce our stakeholders' trust in us," said MindTree Chief Financial Officer Rostow Ravanan. "The two key highlights of the Fitch report are our strong client relationships and ability to manage rapid growth. We would continue to invest strategically to maintain these strengths," he added.

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

About Mindtree

MindTree Limited is a global IT and R&D Services Company co-headquartered in the U.S. and India. With a passion for customer satisfaction, MindTree partners with its clients to create a transparent, value-based relationship. Our domain experts deliver business-enabling solutions by leveraging a consulting led, framework-based and IP-driven approach. MindTree's IT Services business provides a range of services to CIOs across a variety of industry segments. Our R&D Services business works with Technology companies to help build innovative products by providing Product Realization services. MindTree has acquired an 80% equity stake in Aztecsoft Ltd., a global leader in outsourced product development and independent testing. The Company intends to complete the merger by April 2009.

MindTree was named among the Top 30 offshore service providers by the International Association of Outsourcing Professionals and Fortune Magazine. Widely known for its focus on human capital development, MindTree has been consistently rated among the most admired employers by several industry surveys, including Hewitt Associates and Mercer/TNS, and is also the winner of the MAKE Award for knowledge management, and the National Award for Excellence in Corporate Governance. MindTree is publicly listed in India. Please visit us at

For more information, contact:

Ashwini Rajeswara
MindTree Limited

Anya G D'Souza
Corporate Voice | Weber Shandwick