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Moody’s: SoftBank notes Ba1
Moody’s Investors Service said it assigned a definitive Ba1 rating to the senior unsecured euro- and dollar-notes issued by SoftBank Group Corp.
The outlook is stable.
The ratings follow SoftBank’s successful completion of its foreign-currency notes issuance, Moody’s said.
The notes will be guaranteed by SoftBank Corp., the primary operating vehicle that engages in mobile and fixed-line telecommunication businesses generating more than half of the group’s reported consolidated EBITDA for the fiscal year that ended March 31, the agency said.
The notes assigned with Ba1 ratings include: $1 billion 5 3/8% senior unsecured notes due 2022; $1 billion 6% senior unsecured notes due 2025; €500 million 4% senior unsecured notes due 2022; €1.25 billion 4¾% senior unsecured notes due 2025; €500 million 5¼% senior unsecured notes due 2027.
Despite its high leverage of 5.5x as of the third quarter of 2015, SoftBank’s ratings are supported by a significant degree of financial flexibility, which includes its maintenance of large amounts of cash on hand and unrealized gains from investments led by Alibaba Group Holding Ltd., Moody’s said.
The ratings also reflect the acquisitive nature of the company to expand its business globally, the agency added.
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