S&P rates Flextronics notes BB-

Standard & Poor's said it assigned its BB- rating to Flextronics International Ltd.'s private offering of $500 million senior subordinated notes due 2014.

Proceeds of the offering will be used to repay outstanding debt under its revolving credit facilities and for general corporate purposes.

The company's BB+/stable/-- corporate credit rating was affirmed.

S&P said the ratings reflect a highly competitive and volatile industry and a highly acquisitive growth strategy, offset by the company's top-tier industry position, geographic and end-market diversity and solid long-term customer relationships.

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