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S&P: Flextronics unaffected
Standard & Poor's said Flextronics International Ltd.'s (BB+/stable/--) announcement that it will acquire optical, wireless and enterprise manufacturing, as well as optical design capabilities, from Nortel Networks, will not affect its ratings or outlook on the company.
S&P said the Nortel program is expected to generate positive cash flow for Flextronics during the production ramp.
While S&P believes Flextronics may moderately increase debt balances intermittently through 2005 to fund the payments, the company is expected to maintain leverage at around 3x, appropriate for the rating level.
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