Moody's revises SoftBank outlook to 'negative' citing tech slide, leverage

TOKYO : Japan's SoftBank Group Corp had its credit outlook cut to"negative" from"stable" on Tuesday by ratings agency Moody's Investors Service which cited a decline in the value of its portfolio and estimated the tech investor's leverage had risen.

In an effort to raise cash, SoftBank hopes to list chip designer Arm after a deal to sell the business to Nvidia fell apart after hitting regulatory hurdles. SoftBank asked Moody's to withdraw its ratings in 2020. The conglomerate said the latest assessment"is based on their subjective assumptions and hypotheses with no reasonable basis for support".

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