Moody's: Softbank notes Baa3

Moody's Japan K.K. said it assigned a provisional Baa3 rating to Softbank Corp.'s planned issuance of bonds totaling the equivalent of $2 billion and placed the rating under review for possible downgrade, where Softbank's Baa3 issuer rating was placed on Oct. 15.

The review was prompted by Softbank's announcement that it intends to acquire up to 70% of the shares of Sprint Nextel Corp. (B1/on review for upgrade) for up to $20.1 billion. In its ongoing review, Moody's is assessing the impact of the planned debt-financed acquisition on Softbank's financial fundamentals.

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