SoftBank's debt is increasing, and the $140 billion conglomerate's options to free up more cash come with risks. The company's investments are straining its balance sheet, with a loan-to-value ratio of about $50 billion. The firm's assets include microchip designer Arm, the Vision Fund startup portfolios, a Japanese mobile operator, and more. However, this is not enough to fund the $30 billion pledged to OpenAI and $8.5 billion committed to other assets such as ABB Robotics. S&P Global Ratings has revised SoftBank's credit outlook to "negative". However, it is unclear how much wiggle room Son has to repay the $40 billion bridge loan being used to fund existing commitments. The five-year price of insuring against a default on Softbank's yen-denominated debt has risen to about 370 basis points, compared with 200 basis points last October.