Japan's SoftBank Group falls most since 2012 after S&P cuts outlook

REUTERS/Issei Kato

SoftBank Group Corp. shares fell the most since 2012 after S&P Global Ratings cut its outlook to negative, citing the broad market declines and the Japanese conglomerate’s plans to spend up to 500 billion yen ($4.7 billion) buying back shares.

The credit-rating agency said SoftBank’s plans to spend so much on shares amid plummeting stock markets raises questions about its prioritization of financial soundness. 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.

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