After S&P lowered its rating outlook, SoftBank's CDS rose to an 11-month high.

Due to SoftBank's significant investments in the field of artificial intelligence putting pressure on its credit situation, its credit default swap (CDS) has widened to the highest level in 11 months, and still remains the largest among Japanese companies. Data shows that the five-year CDS trading price for SoftBank is around 355 basis points, the highest level since April 2025, about 100 basis points higher than Nissan's CDS. Previously, S&P Global Ratings downgraded SoftBank's credit outlook from stable to negative, citing its additional $30 billion investment in OpenAI. The rating agency stated that the restoration of asset liquidity and portfolio quality may require more time than expected. S&P stated that if certain circumstances that could occur in the next 6 to 12 months increase, they may consider lowering SoftBank's BB+ rating. A rating downgrade could increase SoftBank's financing costs. Analysis suggests that SoftBank's loan-to-value ratio (LTV) may rise to 27%-28%, exceeding its self-imposed limit of 25%. She noted that an IPO for OpenAI could improve liquidity in its investment portfolio and alleviate rating pressure, but "the timing is uncertain, and escalating geopolitical risks could lead to a delay in the IPO." S&P stated that OpenAI is one of SoftBank's investment projects with the lowest credit rating. S&P also pointed out that many of SoftBank's investments in the field of artificial intelligence face significant innovation risks and intense competition, which could further deteriorate the credit rating of its investment portfolio.