The noninvestment-grade ratings on Sanmina Corp. reflect the risks of the company's rapid and acquisitive growth strategy in the highly competitive electronic manufacturing services (EMS) industry, partially offset by consistent operating performance and moderate financial profile. Standard&Poor's will meet with management to assess the integration plans, acquisition strategy, and financial policy, prior to resolving the CreditWatch positive placement. The review will also consider the benefits of being the second-largest company and the leading PCB fabrication provider in the EMS industry for the combined entity, as well as benefits associated with greater scale and enhanced end-market and customer diversification. San Jose, Calif.-based Sanmina is the largest printed circuit board (PCB) manufacturer and an EMS provider, serving primarily the telecommunications
