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Bond Market News
SoftBank Upgraded to BB+ by S&P
May 23, 2024
SoftBank Group along with its subordinated debt was upgraded by a notch each to BB+ and B+ respectively by S&P. The upgrade follows the recovery in stock prices of global technology companies that should stabilize investment income at SoftBank. Despite the company venturing into risky new growth investments in fast-changing technology companies, S&P expects SoftBank to continue maintaining a certain financial buffer alongside the current level of its investment portfolio quality. The conglomerate is also expected to continue maintaining a high level of cash on hand and limit liquidity and debt refinancing risk, according to S&P.
Softbank’s bonds traded slightly positive with its 6% 2025s at 99.39 cents on the dollar, yielding 6.54%.
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