S&P rates Rakuten notes BB+

S&P said it rated Rakuten Group Inc.’s planned dollar-denominated senior unsecured bonds BB+ and placed the rating on CreditWatch with negative implications. The agency placed the issuer’s ratings on CreditWatch on Sept. 5.

“We equalize the issue rating on Rakuten's U.S. dollar-denominated senior unsecured bonds with our long-term issuer credit rating on the company. This reflects our view that more senior debt (secured debt and subsidiaries' debt) accounts for a very small portion of the nonfinancial unit's debt and does not significantly subordinate the bonds to other debt,” S&P said in a press release.

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