Major electronic manufacturing services (EMS) provider; and Sufficient liquidity. Cost structure remains high despite restructuring actions; Negative free cash flows; and Highly leveraged financial profile. Ratings on Sanmina-SCI Corp. reflect depressed profitability levels, which are likely to persist for at least the next few quarters, and resulting high leverage, offset to a limited degree by the company's top-tier business position in low-volume, complex EMS end markets, and relatively stable operating performance. San Jose, Calif.-based Sanmina is a leading provider of electronics manufacturing services (EMS) for the high-end computing, telecommunications, and data communications industries. The company had about $1.6 billion in lease-adjusted debt as of June 30, 2009. The company's core EMS business serves lower volume, complex manufacturing needs of the
