Moody's: Sanmina-SCI cut to negative

Moody's Investors Service said it revised the outlook of Sanmina-SCI Corp. to negative from stable, while affirming the existing ratings.

Moody's said the outlook change reflects a more subdued outlook in the company's end markets, expectations of a sub-par operating environment for the company over the medium term and margin compression resulting from the intense competition within the industry.

Moody's affirmed Sanmina's Ba1 rated $500 million guaranteed senior secured first-lien revolving credit facility due 2007, Ba2 rated $750 million 10 3/8% senior secured notes due 2010, B1 rated $400 million senior subordinated notes due 2013, $521 million 3% convertible subordinated notes due 2007 and $221 million zero-coupon convertible subordinated debentures due 2020, Ba2 senior implied rating and SGL-1 speculative grade liquidity rating.

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