The ratings on Jabil Circuit Inc. continue to reflect exposure to volatile end-markets in the electronics industry, challenges associated with 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. St. Petersburg, Fla.-based Jabil Circuits had about $770 million in total lease-adjusted debt outstanding at November 2003. Jabil Circuits is a leading provider of electronic manufacturing services (EMS) to such leading original equipment manufacturers (OEMs) as Koninklijke Philips Electronics N.V., Cisco Systems Inc., and Hewlett-Packard Co. Jabil's strong customer focus and relationships are key differentiators in its strategic approach, resulting in solid sales growth with existing customers. Increasing operating leverage and a growing international presence led to
