Fitch affirms Solectron

Fitch Ratings said it affirmed Solectron Corp.'s issuer default rating at BB-, senior secured bank facility at BB+, senior unsecured debt at BB- and subordinated debt at B+.

The outlook is stable.

The ratings and outlook reflect Fitch's expectations that Solectron's operating performance will remain stable with modest revenue growth, the company will be challenged to materially improve operating margins in the current market environment and it will maintain a conservative balance sheet with a debt-to-EBITDA ratio of about 2x.

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