NEW YORK (Standard&Poor's) Feb. 13, 2007--Standard&Poor's Ratings Services said today that it removed its ratings for San Jose, Calif.-based Sanmina-SCI Corp. from CreditWatch, where they were placed on Aug. 14, 2006. The corporate credit and senior unsecured ratings were lowered to 'B+' from 'BB-'; the subordinated debt rating was lowered to 'B-' from 'B'. The outlook is stable. "The rating actions follow our review of the company's recent operating results and the results of its stock option investigation," said Standard&Poor's credit analyst Lucy Patricola. Over the past three quarters, Sanmina has experienced sharp operating cash flow deficits that have been funded from cash, diminishing liquidity. Further, leverage statistics have weakened because of lower profitability
