The rating reflects our expectation that San Jose, Calif.-based electronics contract manufacturer Sanmina-SCI Corp. will experience flat to modest revenue growth in the near term, and relatively stable profitability and leverage, despite highly competitive and cyclical industry conditions. Standard&Poor's Ratings Services believes that EBITDA growth will remain flat or decline modestly during the second half of calendar 2011 due to increased macroenvironment uncertainty and deceleration of growth in served markets. However, we expect the company will sustain credit measures commensurate with an aggressive financial profile risk profile. Sanmina offers vertically integrated manufacturing services to its original equipment manufacturer (OEM) customers, in which it assembles key system components and subcomponents to reduce customers' costs and accelerate their time to
