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
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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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