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S&P upgrades Sanmina
Standard & Poor’s said it raised the corporate credit rating on Sanmina Corp. to BB from BB-.
The agency also said it raised the rating on Sanmina’s senior secured debt to BB+ from BB. The recovery rating remains at 2, indicating 70% to 90% expected default recovery.
The outlook is stable.
The upgrade reflects an expectation that Sanmina will maintain moderate leverage and adequate liquidity, which provides a cushion to offset the company’s exposure to potential volatility in operating earnings and cash flow, S&P said.
The ratings also consider the company’s weak business risk profile and an expectation that leverage will remain at less than 2x over the coming year, the agency said.
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