Standard & Poor’s said Monday it has put the A-plus long-term debt rating of Vodafone K.K., the Japanese unit of the British mobile phone company, on its CreditWatch with negative implications because its financial standing might weaken if Vodafone Group PLC decide to sell it to Softbank Corp.

If the deal goes through, the Japanese subsidiary’s long-term credit rating might be downgraded to BB or lower, the rating agency said.

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