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 reflect profitability that lags the company's electronic manufacturing services (EMS) peers; excess capacity in high-cost geographies; and volatile end-market demand, particularly in communications and computing end markets. These concerns partly are offset by the company's top-tier business position. Sanmina-SCI is a leading provider of EMS for the computing, telecommunications, and data communications industries, generating sales of about $12 billion. The company had about $2.1 billion in lease-adjusted debt, including sold receivables, as of June 2005. The EBITDA margin for
