SoftBank Group Corp. issued a sharp rebuke after S&P Global Ratings cut its long-term credit rating a notch further into junk territory, citing the Japanese tech conglomerate’s exposure to changes in the external environment.

S&P said that SoftBank’s credit risks are rising because it’s selling off public assets such as Alibaba Group Holding Ltd. and increasing its exposure to private startups with more volatile valuations as a result. It downgraded the company’s rating to BB from BB+.

“Asset risk in SoftBank Group Corp.’s investment portfolio is rising more than we had assumed; its liquidity and creditworthiness are likely to remain materially weakened for the next year or so,” the agency wrote in its report.

SoftBank criticized the decision and argued the credit-rating agency had failed to accurately analyze its circumstances. The Tokyo-based company contended that selling off assets like Alibaba in exchange for cash is clearly better for its balance sheet stability.

“Over the past year, our strict defensive financial management has strengthened our financial position as never before,” the company said in its own statement. “It is extremely regrettable that our financial soundness was not properly assessed, and we will continue our dialogue with S&P.”

This is not the first time SoftBank has fought back against credit-rating firms. It has had a years-long clash with Moody’s Investors Service to which it has not provided information since March 2020.