This report does not constitute a rating action. SAN FRANCISCO (S&P Global Ratings) May 19, 2025--S&P Global Ratings today said that its rating on San Jose, Calif.-based global contract manufacturing provider Sanmina Corp. is unchanged for now, following Sanmina?s announcement that it will acquire ZT Systems Manufacturing from AMD for up to $3 billion. AMD will retain ZT Systems' AI systems design businesses and Sanmina will be a preferred new product introduction manufacturing partner for AMD cloud rack and cluster-scale AI solutions. The current 'BB+' issuer credit rating and stable outlook balances downside and upside risks from the announced transaction, with the improvement in scale and increasing exposure to fast-growing cloud and AI end markets partially offsetting the increase in
