Noble caps turbulent year with 'junk' status

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.