(The following statement was released by the rating agency)
Oct 02 - Overview -- Japan-based eAccess and Softbank announced yesterday they will merge via a stock swap.
-- We are placing our 'BB+' corporate credit and 'BB' issue ratings on eAccess on CreditWatch with positive implications.
-- We will resolve the CreditWatch after we assess the near to medium-term impact of the merger on eAccess' business prospects and its financial risk profile.
On Oct. 2, 2012, Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit rating and 'BB' issue rating on eAccess Ltd. on CreditWatch with positive implications following eAccess' announcement that it will merge with Softbank Corp. (BBB/Stable/--) by February 2013.