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S&P: Sun Microsystems on positive watch
Standard & Poor's said that it revised its Creditwatch listing, including that for its BB+ corporate credit rating, on Sun Microsystems Inc. to Creditwatch with positive implications from Creditwatch with developing implications.
"The Creditwatch revision follows the announced $7.4 billion acquisition of Sun by Redwood Shores, Calif.-based Oracle Corp. (A/stable/A-1)," said S&P credit analyst Philip Schrank.
Net of Sun's cash and debt, the transaction is valued at $5.6 billion, the agency said, adding that the transaction is expected to close this summer, pending regulatory approval.
If Sun's rated debt remains outstanding, the agency said it will likely equalize the ratings with those for Oracle.
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