The ratings on Jabil Circuit Inc. continue to reflect exposure to volatile end-markets in the electronics industry, challenges associated with high customer concentration, and the integration of several recent acquisitions. These are only partially offset by Jabil's top-tier industry position and moderate financial profile. Proceeds from Jabil's recent $300 million notes issue would be used to repay the company's $100 million outstanding term loan, issued under the existing facility, and to fund working capital and possible acquisitions. Pro forma for the notes issue and a $100 million term loan repayment, St. Petersburg, Fla.-based Jabil Circuits had about $750 million in total lease-adjusted debt outstanding at May 2003. Jabil Circuits is a leading provider of electronic manufacturing services (EMS) to such
