The ratings on San Jose, Calif.-based Sanmina-SCI Corp. reflect profit measures that remain below historical standards, and high leverage. These concerns partly are offset by the company's top-tier business position in low volume, complex electronic manufacturing services (EMS) end markets and stable operating performance in that division. Sanmina-SCI is a leading provider of EMS for the computing, telecommunications, and data communications industries, generating sales of about $10.4 billion for the 12 months ended Dec. 31, 2007. The company had about $1.85 billion in lease-adjusted debt, including outstandings under accounts securitization programs, as of December 2007. The company's core EMS business serves lower volume, complex manufacturing needs of the telecommunications, storage, server, and industrial markets. Revenues in that segment plateaued over
