On Sept. 11, 2002, Standard&Poor's Ratings Services lowered its corporate credit and senior secured bank loan ratings on Sanmina-SCI Corp to 'BB' from 'BB+' and its subordinated note ratings to 'B+' from 'BB-'. The rating action was based on a decline in its operating performance leading to weaker credit measures and the likelihood that credit measures will remain pressured in the near term because of weak end market conditions. The outlook is negative. San Jose, Calif.-based Sanmina-SCI is a leading provider of electronic manufacturing services (EMS) for the computing, telecommunications and data communications industries. It had $2.6 billion of debt outstanding as of June 30, 2002. Credit measures are considerably weaker than anticipated, primarily due to a more
