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S&P lifts Sanmina to BB-
Standard & Poor's said it raised its corporate credit rating on Sanmina Corp. to BB- from B+.
The outlook is stable.
The agency also raised the senior unsecured debt rating to B+ from B. The recovery rating on the company's senior unsecured notes remains unchanged at 5, indicating a modest (10% to 30%) expectation of recovery in the event of a payment default.
"The upgrade reflects our expectation that Sanmina will stabilize revenues over the next 12 months which, combined with recent debt reductions, will enable the company to maintain leverage below 3x," S&P credit analyst Martha Toll-Reed said in a news release.
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