S&P based its downgrades on the view that damage to key financial metrics will significantly outweigh potential operational benefits, as the company will finance the offer using debt. The rating agency estimates that NTT group's debt-to-EBITDA ratio will deteriorate to the mid-3x range after the tender offer completion from 2.8x at the end of March 2025. This is despite NTT implementing measures to reduce its financial burden, including planned sales of a portion of NTT Data Group's data center assets. S&P also noted that NTT's May 29, 2025 announcement to invest approximately ¥530 billion to acquire SBI Sumishin Net Bank Ltd. through its subsidiary NTT Docomo (OTC: DCMYY ) Inc., along with a capital investment in SBI Holdings Inc., signals the group's preference for growth investments over maintaining a sound financial position.