Noble caps turbulent year with 'junk' status
Moody's downgrade reflects its concerns over the firm's liquidity, low profitability and consistent negative free cash flow
Singapore
NOBLE Group's shares and bonds took yet another beating on Wednesday as the firm saw its worst fears realised: Rounding up what has already been a turbulent year for the commodity trader, its credit rating was cut to "junk" status by Moody's with a negative outlook.
The credit-rating agency said that the downgrade was due to its concerns over Noble's liquidity, low profitability and consistent negative free cash flow from core operating activities.
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