Standard&Poor's Ratings Services derives its 'BB-' corporate credit rating on Sanmina Corp. from: Our anchor of 'bb-', based on our "weak" business risk and "significant" financial risk profile assessments for the company. Analytical modifiers, which had no impact on our final rating. Good position in low-volume, higher-margin, complex electronics manufacturing services; Smaller global scale compared to major competitors; and Highly competitive and potentially volatile industry conditions. Free operating cash flow is cyclical but generally positive; Debt levels have been reduced by more than half over the past two years; and We expect Sanmina to maintain moderate financial policies. Our stable rating outlook reflects our expectation that Sanmina will stabilize revenues in fiscal 2014, maintain consistent profitability, and generate
