Fitch cut ratings on Jabil to junk |
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Published
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Sun, 14 Oct 2007 21:03
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NEW YORK (AP) - Fitch Ratings said Friday it downgraded three credit ratings for Jabil Circuit Inc. to non-investment grade status, citing the company's decision to refinance the remaining $400 million of its senior unsecured bridge loan with long-term debt.Fitch cut Jabil's issuer default rating, senior unsecured revolving credit facility and senior unsecured debt to 'BB+' from 'BBB-.'The downgrades affect about $1.5 billion in total debt including Jabil's revolving credit facility. The outlook is stable.Fitch originally placed Jabil on Rating Watch Negative in November 2006 after the company announced its tender offer for Taiwan Greenpoint. Jabil completed the acquisition in April 2007.Jabil shares rose 18 cents to close earlier at $21.89.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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