Moody's upgrades Softbank

Moody's Investors Service said it upgraded Softbank Corp.'s long-term debt rating and issuer rating to Ba2 from Ba3.

The outlook is stable.

The rating action reflects Moody's view that the acquisition of Vodafone kk will diversify and greatly enhance Softbank's position in Japan's telecommunication market, since it will create a competitive domestic integrated telecom operator.

The upgrade also incorporates Moody's expectation that the acquisition will strengthen Softbank's ability to generate stable cash flow. The rating action concludes the review initiated on March 17 upon Softbank's announcement that it would acquire approximately 97.7% of the shares of Vodafone.

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