S&P Global Ratings has given a BB+ issue credit rating to SoftBank Group's (TYO:9984) proposed senior unsecured notes, according to a Monday release.

The proposed notes' issue rating is similar to the Japan-based investment holding company's long-term issuer credit rating, since the priority debt ratio is notably less than 50% with no sign of risk of structural debt subordination.

S&P expects the proposed notes to have a limited effect on the company's credit quality, with the loan-to-value ratio to remain at about 30% in the next year or so.

Substantial assets under management, robust liquidity, and large cash on hand support the company's rating.

However, its investment portfolio's exposure to the value of investees in the technology sector and its fund business, concentration in the technology sector and focus on large investments, as well as narrow diversification serve as rating constraints, S&P said.