...NEW YORK (S&P Global Ratings) Feb. 2, 2018--S&P Global Ratings today assigned its '###-' issue-level rating and '2' recovery rating to San Jose, Calif.-based global electronic manufacturing services (EMS) provider Sanmina Corp.'s amended five-year $500 million secured revolving credit facility, the same as our ratings on the company's existing $375 million secured notes due 2019. The '2' recovery rating indicates our expectation for substantial recovery (70% to 90%; rounded estimate: 75%) in the event of payment default. Our '##+' corporate credit rating is unchanged and reflects Sanmina's highly competitive and cyclical industry conditions and meaningful client concentration with its top 10 customers representing about half of revenues, which, although it is in line with or better than that of its EMS peers, is high relative to all rated technology companies. Its focus on the higher-margin, faster-growing industrial, medical, and defense segment and its modest leverage in the mid-1x area...
