Standard&Poor's Ratings Services' rating on St. Petersburg, Fla.-based Jabil Circuit Inc. reflects the company's diversified end markets and good profitability relative to most of its peers. Competitive industry conditions, high leverage for the rating, and somewhat aggressive financial policies all offset these strengths. Jabil is a leading provider of manufacturing services to leading electronics original equipment manufacturers (OEMs). As of Aug. 31, 2009, Jabil had about $1.8 billion in total debt outstanding, including operating leases, pension adjustments, and securitizations. Revenues expanded through the November 2008 quarter but, along with the rest of the sector, declined subsequently. Sales in the August 2009 quarter were $2.8 billion (14% below year-ago levels), while EBITDA was $133 million (4.7% of sales). Year-earlier
