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S&P assigns Softbank notes BB-
Standard & Poor's said it assigned its BB- rating to Softbank Corp.'s (BB-/stable) euro-denominated senior unsecured notes due 2013.
The issue size is expected to be €500 million, the agency said, adding that the rating on Softbank reflects its weak capital structure, which deteriorated after the company's debt-financed purchase of Vodafone K.K. (BB+/Watch negative).
The acquisition price was ¥1,690 billion and was funded primarily through ¥1,166 billion in bridge financing from 17 financial institutions, S&P noted.
However, the company's overall earnings are improving and this should lower the chances of further deterioration in its capital structure, the agency added.
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