We expect ICTSI to remain resilient amid global growth slowdown fears owing to inorganic contributions, yield improvements, and strong cost control. ICTSI has steadily deleveraged over the past 5 years which we see as prudent financial management. Yet management’s recent lean towards growth at the expense of deleveraging could restrain improvements in credit metrics. While ICTSI is exposed to material Emerging Market-related geopolitical risks, we think its geographically diversified revenue base across 20 countries limits country-specific risks. While sizable capex and high dividend payouts could strain ICTSI’s credit profile, we take comfort in ICTSI’s robust operating cash flow generation.