Fitch affirms Noble's ratings but sounds note of caution

Singapore

FITCH Ratings has affirmed Noble Group's investment-grade ratings after rival agencies cut the commodity trader to junk, while warning that any sign of deterioration in the company's ability to access unsecured bank funding could put that assessment in jeopardy.

The company's long-term foreign-currency issuer-default rating and senior unsecured rating were both affirmed at BBB-, Fitch said on Thursday. That's the lowest investment-grade rating. The outlook on the Hong Kong-based company's issuer-default rating is stable, Fitch said.