SoftBank Group Falls Most Since 2012 After S&P Cuts Outlook
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SoftBank Group Corp. shares fell the most since 2012 after S&P Global Ratings cut its outlook to negative, as investors grow increasingly skittish about the company’s prospects with global markets in tumult.
The credit-rating agency said the Japanese conglomerate’s plan to spend up to 500 billion yen ($4.7 billion) buying back shares amid plummeting markets raises questions about its commitment to sound financial practices. The company’s shares dropped as much as 12%, the most intraday since October 2012. The agency did affirm the company’s long-term issuer BB+ rating.