S&P Global has cut SoftBank’s long-term credit rating deeper into junk territory as the rating agency warned of higher asset risk in the Japanese group’s investment portfolio following the massive sale of its Alibaba stake.
In a statement on Tuesday, SoftBank hit out at the downgrade, arguing that its cash holding has more than doubled over the past year as a result of its asset sales.
The downgrade from double B plus, S&P’s highest non-investment grade, to double B came after SoftBank’s tech-heavy Vision Funds this month posted record annual investment losses of $39bn.
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