Noble pushes back after Moody's rating downgrade

Singapore

NOBLE Group Ltd pushed back after a two-level downgrade by Moody's Investors Service, with the commodity trader saying that a planned sale of a US energy unit was progressing well and efforts to cut costs and debt were making headway. Bond prices fell, while shares rose.

"We remain on track to reposition the company as an asset-light supply chain manager with high-returning businesses," spokesman Stephen Brown said on Tuesday after Moody's announcement the day before. "Efforts to improve liquidity and further deleverage continue through the completed US$500 million rights issue, the well-progressed sale of Noble Americas Energy Solutions and other capital initiatives and cost-cutting measures."