S&P: Flextronics notes BBB-

Standard & Poor’s said it assigned a BBB- rating to Flextronics International Ltd.’s proposed unsecured notes.

The rating is the same as the rating on the company’s existing unsecured debt.

The BBB- corporate credit rating is unchanged.

The outlook is stable.

The proceeds will be used for general corporate purposes and help finance its acquisition of Mirror Controls International.

The acquisition will enhance Flextronics’ position in the market, S&P said.

The ratings reflect the company’s solid market position, improving mix of faster-growing, more profitable end markets and leverage in the high-1x range as of March 31, 2015, the agency said.

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