S&P rates Rakuten bonds BBB-

S&P said it has assigned its BBB- issue credit rating to Rakuten Inc.’s proposed offer of dollar-denominated senior unsecured bonds due 2024. These notes will be the company’s first dollar-denominated issue.

“We equalize the issue rating with our long-term issuer credit rating on the Japan-based internet services company. This reflects our view that although more senior debt at the subsidiary level (including at Rakuten’s financial unit) accounts for about 40% of the company’s consolidated debt – a relatively high proportion – it does not significantly subordinate the proposed senior unsecured debt to other debt,” said S&P in a press release.

The outlook is negative.

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