The rating on Jabil Circuit Inc. reflects the company's diversified end markets and higher profitability than the majority of its peers, offset by competitive industry conditions, leverage that remains high for the rating, and somewhat aggressive financial policies. St. Petersburg, Fla.-based Jabil is a leading provider of manufacturing services to leading electronics original equipment manufacturers. Jabil had about $1.4 billion in total debt outstanding, including operating leases, pension adjustments, and securitizations, at August 2008. Revenues for the year ended August 2008 were up 4% over 2007. November 2008-quarter revenues are expected to rise slightly, notwithstanding challenging macroeconomic conditions. Severe competitive pricing pressure has prompted the company to disengage from certain consumer-based programs to maintain margins. The balance of the portfolio
