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Noble Group shares fall after S&P rating downgrade
[SINGAPORE] Noble Group shares fell more than 2 per cent on Thursday after Standard & Poor's cut the Singapore-based commodity trader's credit rating deeper into junk territory, to B+ from BB-, and assigned a negative outlook.
The shares fell to as low as S$0.225.
Noble's bonds due 2020 were down an eighth of a point at 80.88/81.75 cents on the dollar.
The company's troubles started more than a year ago when its accounts were questioned by a blogger, sparking a dramatic collapse in its share price. Rating downgrades forced Noble to sell some of its key assets to allay financing worries and weather the commodities downturn.