S&P raises Solectron

Standard & Poor's said it raised its corporate credit and senior unsecured ratings on Solectron Corp. to BB- from B+ and its subordinated debt rating to B from B-.

The outlook is revised to stable.

The agency said that the rating action is based on the company's solid financial profile, which has proven resilient despite significant operating challenges and modest expectations for improved revenue and profitability performance in the near to mid term.

According to the agency, ratings reflect operating profitability at the low end of the range of its peers in the highly competitive electronics manufacturing services industry and expectations of modest, incremental improvements, offset by a financial profile that is stronger than the corporate rating with good liquidity and light leverage.

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