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Technology Stocks : Flextronics International (FLEX) -- Ignore unavailable to you. Want to Upgrade?

To: patroller who wrote (1055)	3/1/1999 12:43:00 PM
From: Asymmetric	Read Replies (1) \| Respond to of 1422

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."