Noble keeps credit ratings but agencies warn of downgrades if liquidity worsens
Singapore
CREDIT rating agencies are maintaining their grades on Noble Group after it reported a massive net loss and further slide in its cash position, but warned of downgrades if the company's liquidity situation worsens.
Moody's Investors Service on Tuesday said that Noble's third-quarter results will have no immediate impact on its Caa3 corporate family rating or negative rating outlook.
The Singapore-listed commodity trader reported last week a net loss of US$1.2 billion for the quarter and said that its cash and short-term deposits, excluding cash balances with future brokers, fell to US$256 million at end-September 2017 from US$467 million at end-June 2017.
This is insufficient to cover the company's US$1.6 billion in bank debt and bonds due in the …
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Bitcoin 'halving' has taken place: CoinGecko
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try
Honda to invest US$808 million in Brazil by 2030
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines