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Moody's ups Softbank
Moody's Investors Service said it upgraded Softbank Corp.'s long-term debt rating and issuer rating to Ba3 from B1 following its announced acquisition of Japan Telecom Co. Ltd.
The outlook is stable.
Moody's said the rating action reflects Moody's view that the acquisition will expand Softbank's strategic options for expansion of its broadband businesses. The action also incorporates Japan Telecom's ability to generate stable operating cash flow in the intermediate term. It further includes Moody's expectation that Softbank's cash flow generation from its ADSL businesses should improve and that the company can maintain a reasonable level of financial flexibility due to significant unrealized gain on investment securities.
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