Moody's affirms Flextronics; outlook up to stable

Moody's Investors Service said it affirmed Flextronics International Ltd.'s corporate family, probability of default and senior unsecured term loan (Ba1), senior subordinated notes (Ba2) and speculative-grade liquidity (SGL-1) ratings, and changed the outlook to stable from negative.

The outlook revision to stable reflects Flextronics' improvement in operating performance, increase in year-over-year gross cash flow generation, good execution on vertical program penetration, as well as an improved demand environment, which Moody's said it expects to continue.

According to the agency, it also considers the company's good progress on debt repayment, cost reductions and working capital management.

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