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S&P snips SoftBank
S&P said it lowered its ratings for SoftBank Group Corp. and its senior unsecured debt to BB from BB+ and its subordinated bonds to B from B+.
“SoftBank Group's investment portfolio is becoming more susceptible to changes in its external environment. The proportion of SoftBank Group's fund business, including SoftBank Vision Funds (SVFs) that invest in unlisted shares, has risen to nearly 40%. Unlisted companies are less competitive and more susceptible to the external environment, including financial market developments, than listed companies. SoftBank Group has therefore become more susceptible to the external environment than we had previously assumed,” S&P said in a press release.
The outlook is stable.
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