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Softbank credit ratings cut on Sprint takeover

Monday 8 July 2013 | 13:36 CET | News
Standard & Poor's has cut its credit rating on Japanese operator Softbank by two notches to BB+, after the company received FCC approval for its takeover of US operator Sprint Nextel. The ratings were first put on CreditWatch for a possible downgrade when the proposed acquisition was announced last year. The FCC aproval is seen as the last barrier to the deal closing later this month. The lower ratings reflect Softbank's increased debt following the takeover, the weak cash flow and financial profile of Sprint, and the additional burden of buying the rest of Sprint affiliate Clearwire, which

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Categories: Mobile & Wireless
Companies: Clearwire / Softbank / Sprint Nextel
Countries: Japan / United States
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