Solid operating performance relative to peer group; Top-tier electronic manufacturing services (EMS) position; and Moderate financial profile. Competitive industry conditions; and Customer concentration. The rating on St. Petersburg, Fla.-based Jabil Circuit Inc. reflects good operational performance, a growing electronic manufacturing services (EMS)market position, and a lightly leveraged balance sheet, offset by competitive industry conditions and some customer concentration. Jabil is a leading provider of electronics manufacturing services to such leading original equipment manufacturers (OEMs) as Koninklijke Philips Electronics N.V., Cisco Systems Inc., and Hewlett-Packard Co. Jabil had about $589 million in total debt outstanding, including operating leases and securitizations, at May 2005. Revenues for the May quarter improved 19.2% over the year-ago period, a pace of growth that has been
