S&P: eAccess still on developing watch

Standard & Poor's said it kept its BB+ long-term corporate credit and BB long-term debt ratings on eAccess Ltd. on CreditWatch with developing implications.

The action reflects the status of an acquisition of Sprint Nextel Corp. (B+/watch positive/--) by eAccess' ultimate parent, Softbank Corp. (BBB/watch negative/--), as still remaining subject to various approvals, including regulatory review. Accordingly, S&P said it believes it can resolve the CreditWatch status on the ratings on eAccess when S&P removes the ratings on Softbank from CreditWatch.

Accordingly, if Softbank's acquisition of Sprint Nextel proceeds, S&P said it expects to lower its corporate credit rating on Softbank to BB+ and its corporate credit rating on eAccess to BB. On the other hand, if the acquisition does not proceed, S&P said it would likely keep its corporate credit rating on Softbank at BBB and raise the corporate credit rating on eAccess to BBB-.

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