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Moody's may up SoftBank
Moody's Japan K.K. said it placed the Ba2 issuer rating on SoftBank Corp. under review for possible upgrade.
The rating action was triggered by the announcement that SoftBank reached agreement with its banks to obtain ¥550 billion in funds needed to refinance the whole business securitization related loan of its 100% subsidiary SoftBank Mobile Corp., the agency said.
Moody's said it also considers that SoftBank's operating performance and earnings have improved and continue to improve.
Under the conditions of the whole business securitization scheme, SoftBank Mobile's cash flow could only be used for the repayment of its debt and its mobile business could not be deployed for the group overall, the agency added.
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