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Published on 6/29/2004 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily and Prospect News High Yield Daily.

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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