SoftBank Corp Latest News: S&P Cuts SoftBank Rating to Junk

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SoftBank Corp Latest News: S&P Cuts SoftBank Rating to Junk

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SoftBank Corp Latest News: S&P Cuts SoftBank Rating to Junk

by Wochit 0:56 mins

SoftBank Corp Latest News: S&P Cuts SoftBank Rating to Junk

by Wochit 0:56 mins

Standard & Poor's Ratings Services cut its long-term corporate credit rating on SoftBank Corporation 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 Corporation. Japan's SoftBank Corp said that it expects to complete its $21.6 billion acquisition of U.S. wireless carrier Sprint Nextel Corp on Wednesday, July 10th. The majority of Sprint Nextel Corp shares elected to receive cash when Japan's SoftBank Corp's takes control of the company. About 53 percent of Sprint's outstanding shares voted to take money in preliminary election over the merger.

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