Fitch cuts Noble's ratings again on debt worries

Singapore

NOBLE Group received a fresh blow as Fitch Ratings cut the embattled commodity trader's rating for a second time in 10 days, flagging concern over its ability to address about US$2 billion in debt maturing over the next 12 months.

The Hong Kong-based company is in talks with banks to renew a borrowing base facility expiring next month, and Fitch said a successful rollover of a large part of that is "critical" for its liquidity. Fitch said on Thursday that it expects the banks will do so, but on less favourable terms.