Fitch: Sun on positive watch

Fitch Ratings said it has placed the following ratings for Sun Microsystems Inc. on rating watch positive subsequent to Oracle Corp.'s (rated A, stable outlook) stated intent to acquire the company: issuer default rating BBB- and senior unsecured debt BBB-.

The agency said that the rating action follows Oracle's proposed acquisition of Sun in an all-cash transaction valued at about $8.7 billion, including $1.3 billion of assumed debt.

The transaction is expected to close this summer, subject to shareholder and regulatory approvals, the agency noted.

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