S&P says Noble Group's losses could complicate loan refinancing

[SINGAPORE] Standard & Poor's Ratings Services said it sees Noble Group's profit warning as credit negative and its large losses could potentially complicate refinancing of its revolving credit facility due in May.

"We see some uncertainty regarding the financial covenant definition that could arise from the full-year loss," said S&P, which has Noble on CreditWatch.

"In a low probability, Noble could breach its financial covenants, in our view," S&P said in a statement.

Commodity trader Noble warned of its first full-year loss in nearly two decades, blaming US$1.2 billion in writedowns on a slide in coal prices.

REUTERS