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CREDIT UPDATE: Rakuten (RAKUTN Hybrid: B): Credit Card Investment

CREDIT UPDATE
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  • Small Positive: Nikkei reporting that Mizuho may be about to invest in Rakuten's Credit Card business
  • The company is targeting debt reduction to 5x in the medium term (ex-fintech) largely dependent on a turn-around in its mobile division.
  • S&P expects 12x leverage at the end of this year, so clearly some way to go.
  • Recent sale-and-lease back of mobile network assets may alleviate funding concerns up to end of 2025.
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  • Small Positive: Nikkei reporting that Mizuho may be about to invest in Rakuten's Credit Card business
  • The company is targeting debt reduction to 5x in the medium term (ex-fintech) largely dependent on a turn-around in its mobile division.
  • S&P expects 12x leverage at the end of this year, so clearly some way to go.
  • Recent sale-and-lease back of mobile network assets may alleviate funding concerns up to end of 2025.