Noble keeps credit ratings but agencies warn of downgrades if liquidity worsens
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CREDIT rating agencies are maintaining their grades on Noble Group after it reported a massive net loss and further slide in its cash position, but warned of downgrades if the company's liquidity situation worsens.
Moody's Investors Service on Tuesday said that Noble's third-quarter results will have no immediate impact on its Caa3 corporate family rating or negative rating outlook.
The Singapore-listed commodity trader reported last week a net loss of US$1.2 billion for the quarter and said that its cash and short-term deposits, excluding cash balances with future brokers, fell to US$256 million at end-September 2017 from US$467 million at end-June 2017.
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