Standard&Poor's Ratings Services' ratings on Sanmina-SCI Corp. reflect depressed profitability levels and high leverage, offset to a limited degree by the company's good business position in low-volume, complex EMS end markets. San Jose, Calif.-based Sanmina is a leading provider of electronics manufacturing services (EMS) for the high-end computing, telecommunications, and data communications industries. The company had about $1.35 billion in lease-adjusted debt as of Dec. 31, 2009. The company's core EMS business serves lower volume, complex manufacturing needs of the telecommunications, storage, server, and industrial markets. Following the industry downturn, conditions have improved through 2009, to $1.5 billion in the December 2009 quarter. EBITDA margins reached 4.9% in December, versus 2.9% in March, reflecting cost reductions and an
