...February 18, 2022 NEW YORK (S&P Global Ratings) Feb. 18, 2022--Global outsourced manufacturing services and solutions provider Jabil Inc. (###-/Stable/A-3) increased its commercial paper program to $3.2 billion from $1.8 billion (maturities up to 397 days). We expect the company's liquidity sources, including $1.2 billion cash on hand as of Nov. 30, 2021; a $1.2 billion revolver expiring in 2024; and $2 billion revolver expiring in 2026 will provide backstop for the full borrowing capacity. All our ratings on Jabil, including our '###-' issuer credit rating and 'A-3' short-term and commercial paper ratings, are unchanged. Our rating reflects Jabil's global manufacturing scale, countercyclical cash flow generation, and low adjusted leverage compared to similarly rated peers. Key credit risks include a highly competitive industry with large global players, meaningful customer concentration, significant working capital investment to support customers and revenue growth that leads to periods...
