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Stocks to watch: Noble, SBS Transit, Keppel
THESE stocks had announcements or developments that could influence trading on Wednesday.
Noble Group: Credit rating agency Moody's has downgraded the commodities trader to junk status. Moody's said in a press release late Tuesday night Singapore time that it has cut Noble's senior unsecured bond ratings to Ba1 from Baa3, citing concerns over Noble's liquidity. The outlook for the ratings is negative, Moody's said.
SBS Transit: The Land Transport Authority is taking over SBS Transit's contracts for incoming buses worth S$164 million and will also buy 50 other existing buses from the bus operator for S$23 million, SBS Transit said in a Singapore Exchange filing on Tuesday. This is in line with the new bus contracting model, where the buses and other infrastructure are owned by the government. Fare revenue goes to the government, while operators are paid a fee to operate certain routes, which are awarded via a tender process.
Keppel Corp: The group's offshore & marine unit has won four contracts worth about S$125 million from repeat customers for conversion, enhancement and integration of vessels in Singapore and its overseas yards in Azerbaijan and Brazil, it said in a press release on Tuesday. Keppel Offshore & Marine's Keppel Shipyard was awarded a contract from a unit of Bumi Armada for the conversion of a liquefied natural gas floating storage unit, the yard group said, confirming a November Business Times report.