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Fitch cuts Noble's ratings again on debt worries
Fitch cites concern over Noble's ability to handle US$2b in debt maturing over the next 12 months
Published Fri, May 26, 2017 · 09:50 PM
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.
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