By Anton Bridge TOKYO (Reuters) -S&P Global Ratings revised its credit outlook for Japanese technology investor SoftBank Group to positive from stable ...
By Anton Bridge TOKYO -S&P Global Ratings revised its credit outlook for Japanese technology investor SoftBank Group to positive from stable after the initial public offering ofBy Anton Bridge
S&P said the listing has led to a substantial improvement in the liquidity of SoftBank's investment portfolio and that this is likely to endure for the next year or so. The credit rating agency had downgraded SoftBank from BB+ to BB - deeper into junk territory - in May, citing its exposure to unlisted companies, which made up around 62% of its portfolio at the time. With Arm's listing this has dropped to around 30%, S&P said.
Group CEO Masayoshi Son is known to favour asset-backed loans to fund his investment activities, and SoftBank had previously taken out an $8.5 billion margin loan on around 75% of its stake in Arm, according to its F-1 filing last month.
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