Flextronics International Announces Upgrade In Its Debt Rating
by S&P and Moody's
SAN JOSE, Ca., March 1 /PRNewswire/ -- Flextronics International,
a global full-service provider of innovative design, engineering
and manufacturing solutions, today announced that Standard &
Poor's (S&P) has raised its corporate credit rating for Flextronics
to BB from BB- and its subordinated note rating to B + from B.
S&P has also placed a BB+ rating on the company's new $120
million revolving credit facility. At the same time, Moody's Investor
Service upgraded Flextronics' debt rating on its $150 million
of senior subordinated notes, due 2007, from a B2 to a B1 status.
Moody's has also assigned a Ba2 rating for the company's senior
secured revolving credit facility. The company's senior implied
rating is Ba2.
"These rating upgrades validate Flextronics' improved financial
profile and leadership position in the electronics manufacturing
services industry," said Bob Dykes, Chief Financial Officer. "The
rating takes into account our consistent operating performance, as
well as, the successful completion of a $194 million secondary
offering on December 7, 1998." |
