The rating on St. Petersburg, Fla.-based Jabil Circuit Inc. reflects good operational performance, a growing electronic manufacturing services (EMS) market position, and a lightly leveraged balance sheet, offset by competitive industry conditions and some customer concentration. Jabil is a leading provider of electronics manufacturing services to such leading original equipment manufacturers (OEMs) as Koninklijke Philips Electronics N.V., Nokia Corporation, and Hewlett-Packard Co. Jabil had about $588 million in total debt outstanding, including operating leases and securitizations, at February 2006. Revenues for the February quarter improved 35% over the year-ago period, equal to the quarter earlier pace, driven by successful new program wins in its core consumer market and its smaller but growing instrumentation and medical markets. Jabil continues to increase
