S&P trims eAccess to BB

Standard & Poor's said it lowered its long-term corporate credit and senior unsecured debt ratings on eAccess Ltd. one notch to BB and BB-, respectively, and has removed the ratings from CreditWatch.

S&P said it based the rating action on the long-term rating on eAccess' ultimate parent, Softbank Corp. (BB+/stable/--), which was lowered to BB+ from BBB. S&P said it downgraded Softbank because the agency believes its acquisition of U.S.-based wireless service provider Sprint Nextel Corp. (B+/watch developing/--) will close sometime in July.

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