SoftBank Group Weighs Legal Action Over Moody's Unsolicited Ratings

MT Newswires Live08-28 19:45

SoftBank Group (TYO:9984) is weighing legal action and regulatory consultations to challenge Moody's unsolicited credit ratings, which it says lack factual basis and risk misleading investors.

The company said it has not obtained any credit ratings from Moody's since withdrawing its request for ratings on March 25, 2020, and has neither provided information to nor received inquiries from the agency for over six years.

Softbank Group said it has repeatedly requested that Moody's remove the unsolicited ratings and change its publication practices to avoid investor misinterpretation, according to a statement on Friday.

Currently, Softbank Group is rated only by S&P Global Ratings and JCR, and will continue providing them with accurate information on management strategy, financial policies, and financing matters.

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