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S&P: Sanmina unaffected
Standard & Poor's said the ratings on Sanmina-SCI Corp. (B+/negative) are not affected by the company's announcement that it exited the personal computer business. Sanmina reached an agreement to sell certain of its PC assets to a subsidiary of Hon Hai Precision Industry Co. Ltd. (A-/stable) and to transfer responsibility of its Monterrey, Mexico operation to Lenovo Group Ltd.
The agency said that although Sanmina has reduced some debt and improved profitability, the company remains leveraged with an adjusted debt-to-EBITDA ratio at about 6.5 times for the 12 months ended Dec. 31.
S&P said the company's track record of improved profit margin remains short and that its revenue continues to decline gradually.
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