Corporate credit rating: BB/--/Positive Sanmina Corp. announced that revenues June 30 and earnings for its fiscal third quarter ending June 30, 2001, will decline sequentially about 30% and that difficult business conditions are likely to persist over the foreseeable future. Standard&Poor's said that the announcement will not affect the ratings or outlook on Sanmina. The primary reason for the decline is the lagging sales of Sanmina's communications equipment customers. Standard&Poor's ratings and outlook incorporate exposure to cyclical end markets. Sanmina still expects to be solidly profitable and has a cash position of more than $1 billion that provides a sufficient financial cushion for the company as it weathers the industry downturn.
