...July 6, 2020 NEW YORK (S&P Global Ratings) July 6, 2020--S&P Global Ratings today assigned its '###-' rating to St. Petersburg, Fla.-based contract manufacturer Jabil Inc.'s proposed unsecured notes. We expect the company to use the net proceeds for general corporate purposes, including to repay the 5.625% senior notes due December 2020. Our '###-' issuer credit rating on Jabil is unchanged. It reflects the company's leading market position in the global outsourced technology manufacturing industry and focus on higher-margin and faster-growing end markets. The rating also reflects the cyclical and competitive industry conditions, as well as Jabil's significant customer concentrations. Jabil ended its third fiscal quarter 2020 on May 31 with adjusted leverage in the high-2x area, up slightly from the prior quarter. Our leverage calculation nets accessible cash and adds borrowing under the accounts receivable programs. The stable outlook reflects our expectation that long-term fundamentals...
