S&P: Flextronics unchanged

Standard & Poor's said its ratings on Flextronics International Ltd. (BB+/stable) will not be affected by the company's announcement that it intends to sell its software development and solutions business in a transactions valued at $900 million.

The agency noted Flextronics will receive cash in excess of $600 million, which it intends to reinvest to support anticipated revenue growth and to increase shareholder return through a new $250 million share repurchase program.

Pro forma cash balances of $1.7 billion are adequate to fund operations, growth and share repurchases, S&P said.

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