Fitch affirms Flextronics

Fitch Ratings said it has affirmed the following ratings for Flextronics International Ltd.: issuer default rating at BB+; senior unsecured credit facility at BB+; and senior subordinated notes at BB-.

The outlook is stable.

Fitch said that the affirmations and stable outlook reflect that it expects Flextronics' EBITDA margins, which declined to 2.7% in the March 2009 quarter from 4.4% in the prior year period, to improve modestly over the next 12 to 24 months as the company reduces fixed expense commensurate with the current revenue run rate and potentially begins to absorb excess manufacturing capacity from modestly improving revenue.

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