SoftBank’s Outlook Raised to Stable at Moody’s Amid Asset Sales
(Bloomberg) -- SoftBank Group Corp.’s outlook was raised to stable from negative at Moody’s Investors Service, which cited progress with the Japanese company’s asset monetization program.
Moody’s also affirmed its long-term corporate family rating on SoftBank at Ba3.
The move came on a day when SoftBank said it had bought back $2.25 billion of dollar and euro bonds. That completed a tender offer the firm had announced last month that it would use to repurchase up to that amount, part of a multi-billion dollar asset sale and monetization program unveiled in early 2020.
Moody’s cut SoftBank by two notches last year and voiced concerns over its large asset recycling activity and unfolding investment strategy. The credit assessor has continued to give its view on the company even though SoftBank has asked it not to provide ratings.
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