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Hot stock: Noble shares fall 5.7% after Moody's downgrade to junk status
[SINGAPORE] Shares in Noble Group Ltd fell as much as 5.7 per cent on Wednesday after Moody's Investors Service downgraded the commodity trader's rating to junk.
In a blow to the company's efforts to retain its investment grade rating and slash debt by selling assets, Moody's cut Noble's senior unsecured bond ratings to Ba1, which represents junk status, from Baa3 and assigned a Ba1 corporate family rating to Noble.
At 0103 GMT, the company's shares were trading at S$0.415, their lowest in about a week.