Top-tier electric manufacturing services (EMS) business position; Customer base of leading original equipment manufacturers (OEMs); and Adequate liquidity. Overcapacity (particularly in North America); High cost position relative to competitors who are relocating capacity to Asia; and Leveraged financial profile. The ratings on San Jose, Calif.-based Sanmina-SCI Corp. reflect subpar operating performance, low capacity utilization, and volatile end-market demand, particularly in communications and computing end-markets. These concerns are partially offset by the company's top-tier business position, a customer base of leading original equipment manufacturers (OEMs), and longer-term trends favoring electronic manufacturing outsourcing. Sanmina-SCI is a leading provider of electronic manufacturing services (EMS) for the computing, telecommunications, and data communications industries. The company had about $2 billion in lease-adjusted total debt as
