S&P: Flextronics loan BB+

Standard & Poor's said it assigned its BB+ issue-level credit rating to Flextronics International Ltd.'s new $1.5 billion senior unsecured revolving credit and $500 million unsecured term loan A facilities. At the same time, S&P said it assigned the senior unsecured debt a 3 recovery rating, indicating meaningful recovery expectations in the event of a payment default.

S&P said it also affirmed its BB+ corporate credit rating on the company.

The outlook is stable.

"The rating on Flextronics reflects our expectation that the company will sustain its current levels of profitability and leverage profile," said S&P credit analyst William Backus, "despite highly competitive market conditions."

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