SoftBank Corp., led by billionaire Masayoshi Son, had its credit rating cut to junk by Standard & Poor’s after winning approval from the Federal Communications Commission for its $21.6 billion bid to buy Sprint Nextel Corp.

The rating was cut to BB+, the highest non-investment grade, from BBB, with a stable outlook, S&P said in a statement today. The FCC announced July 5 that the deal is in the public’s interest, giving Son a position in the U.S. market.

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