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Credit agency upgrades Jabil

May 2, 2019 - Moody's Investors Service upgraded Jabil Inc.'s senior unsecured debt rating to Baa3 from Ba1  and changed the outlook to stable from positive. The credit agency cited Jabil’s multi-year agreement with Johnson & Johnson, which should lead to more than $1 billion of incremental annual revenue when the medical device program is fully ramped. Moody’s said it is still concerned about Jabil’s high exposure to Apple Inc., but also expects that the company will continue to try to limit exposure to any one product or product set to no more than 5 percent of annual operating cash flow. Jabil (NYSE: JBL), an electronics manufacturing services firm, is the largest company headquartered in St. Petersburg.

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