S&P Cuts SoftBank Rating to Junk
Standard & Poor’s Ratings Services on Monday cut its long-term corporate credit rating on SoftBank Corp. by two notches to junk, citing the large amount of debt the Japanese wireless carrier has taken on through its $21.6 billion purchase of Sprint Nextel Corp.
The BB+ rating that S&P assigned SoftBank could raise financing costs for Japan’s No. 3 wireless operator, should its Sprint plans be delayed.