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Moody's rates eAccess bond Ba3
Moody's Investors Service said it assigned a Ba3 long-term issuer rating to eAccess Ltd., along with a provisional Ba3 rating to senior unsecured bond guaranteed by eMobile subsidiary.
The outlook is stable.
The ratings incorporate the company's competitive position in its core market, high business risk and weak balance sheet, Moody's said.
It also incorporates a subordination factor of one-notch down due to the company's large amount of secured debt, the agency added.
The company's market position in the Japanese telecom industry is marginal, Moody's said, and its financial strength pales in comparison to Japan's large telecoms operators.
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