Noble needs more than a brave face

ALMOST a year after Noble Group's accounting practices came under scrutiny, the com-modity trader's future is still deeply shrouded in uncertainty. In fact, it seems to be heading into even trickier territory.

The next few months will be critical for the group to prove that its business model will thrive despite the current commodity rout - as it has claimed - even as it finds its hands increasingly tied.

Fitch Ratings last Thursday affirmed Noble's investment-grade ratings, though it warned that any sign of deterioration in its ability to access unsecured bank funding could result in negative ratings action.