Fitch ups Sanmina to BB-

Fitch Ratings said it upgraded the issuer default rating for Sanmina Corp. to BB- from B+.

The ratings for the senior secured bank facility and senior unsecured notes were affirmed at BB+ and BB-, respectively.

The outlook is stable.

Fitch said Sanmina has significantly reduced debt over the past 15 months from $1.24 billion in December 2011 to $744 million as of March 2013. While the business continues to experience headwinds, margin performance has been steady, cash flow generation has been positive and management remains committed to deleveraging. Debt to EBITDA has declined from 3.6x to 2.6x over the same period.

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