Top-tier electronic manufacturing services (EMS) business position; Solid core EMS operation; and Healthy liquidity. The sale of the PC business, about one-third of the company, is unlikely to generate surplus funds; Cost structure remains high despite restructuring actions; and Leveraged financial profile. The rating on San Jose, Calif.-based Sanmina-SCI Corp. reflects profit measures that remain below historical standards and high leverage. These concerns are offset partially by the company's top-tier business position in low-volume, complex EMS end markets and stable operating performance in that division. Following the divestiture of its desktop PC business, Sanmina is a leading provider of EMS for the high-end computing, telecommunications, and data communications industries. The company had about $1.85 billion in lease-adjusted debt, including outstandings
