...SAN FRANCISCO (Standard & Poor's) Oct. 15, 2015--Standard & Poor's affirmed its '##' corporate credit rating on San Jose, Calif.-based Sanmina Corp. The outlook is stable. At the same time, we affirmed our '##+' issue-level rating on the company's senior secured notes. The recovery rating remains '2', indicating our expectation of substantial recovery (70% to 90%, in the upper half of the range) in the event of a payment default. "The rating reflects our view of Sanmina's highly competitive and cyclical industry conditions, meaningful client concentration, and modest scale compared with larger electronics manufacturing services (EMS) competitors, partly offset by its focus on higher-margin, low-volume market segments and minimal exposure to more volatile consumer end markets," said Standard & Poor's credit analyst Christian Frank. The stable outlook incorporates our view that the diversity of Sanmina's end markets will allow it to deliver consistent operating performance, and that it will...
