Moody’s rates SoftBank notes Ba3

Moody’s Japan KK assigned a Ba3 subordinated debt rating to the proposed undated subordinated resettable notes in two tranches to be issued by SoftBank Group Corp.

The rating is two notches below the Ba1 Corporate Family Rating because of their deeply subordinated status and characteristics which are similar to preferred stock.

But Moody’s said it would treat the notes as 100% debt in calculating the company’s adjusted financial metrics.

The stable rating outlook reflects Moody’s view that the company will maintain significant financial flexibility to offset its already high leverage.

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