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Sanmina Corp.'s $350 Million Senior Secured Notes Rated 'BB' (Recovery: 2); Senior Unsecured Rating Raised To 'BB-'

Published May 20, 2014

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About This Report

Abstract:

NEW YORK (Standard&Poor's) May 20, 2014--Standard&Poor's Ratings Services today assigned its 'BB' issue-level rating and '2' recovery rating to Sanmina Corp.'s $350 million senior secured notes due 2019. The '2' recovery rating indicates our expectation of substantial (70%-90%) recovery in the event of a payment default. At the same time, we raised our rating on Sanmina's $500 million unsecured notes due 2019 to 'BB-' from 'B+', and revised the recovery rating to '4' from '5'. The '4' recovery rating indicates our expectation for average (30% to 50%) recovery in the event of a payment default. We expect proceeds from the new senior secured notes to be used to partially redeem the existing unsecured notes. Our 'BB-'

Report Type:

Ratings Action

Ticker

SANM

Issuer

Sanmina Corp.

GICS

Electronic Manufacturing Services (45203020)

Sector

Global Issuers , Structured Finance

Country

United States

Region

United States

Format:

HTML

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Sanmina Corp.'s $350 Million Senior Secured Notes Rated 'BB' (Recovery: 2); Senior Unsecured Rating Raised To 'BB-'" May 20, 2014. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Sanmina-Corp-s-350-Million-Senior-Secured-Notes-Rated-BB-Recovery-2-Senior-Unsecured-Rating-Raised-To-BB-1320379>

APA:	S&P Global Ratings’ Credit Research. (). Sanmina Corp.'s $350 Million Senior Secured Notes Rated 'BB' (Recovery: 2); Senior Unsecured Rating Raised To 'BB-' May 20, 2014. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Sanmina-Corp-s-350-Million-Senior-Secured-Notes-Rated-BB-Recovery-2-Senior-Unsecured-Rating-Raised-To-BB-1320379>

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