Standard&Poor's Ratings Services derives its 'BBB-' corporate credit rating on Jabil Circuit Inc. from: Our anchor of 'bbb-', based on our "satisfactory" business risk and "intermediate" financial risk profile assessments for the company. Analytical modifiers, which had no impact on our final rating. Good position in the global electronic manufacturing services industry; Focus on higher margin, diversified end-markets; and Highly competitive and potentially volatile industry conditions. Free operating cash flow (FOCF) characteristics are cyclical but generally positive; Significant earnings weakness in 2014 as the company undergoes several business transitions; and Expected maintenance of moderate financial policies, and balanced approach to strategic investments and shareholder returns. The stable outlook reflects our expectation that Jabil's focus on growth in higher-margin
