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Noble Group - OCBC Investment 2016-01-08: S&P cuts credit rating; Fitch affirms rating

Noble Group - OCBC Investment 2016-01-08: S&P cuts credit rating; Fitch affirms rating NOBLE GROUP LIMITED N21.SI 


Noble: S&P cuts credit rating; Fitch affirms rating 

  • Rating agency Standard & Poor's (S&P) has cut its investment credit rating on Noble Group Ltd to junk yesterday, just a week after Moody's downgrade. 
  • S&P noted that "the current depressed commodities markets and heightened risk aversion by lenders could complicate the company's fund raising plans for the next few months." 
  • However, Noble said that the downgrade is not expected to have a material impact on its operations, noting that the increased collateral calls have been immaterial and below the previously indicated range of US$100-200m. 
  • Management also highlighted that Fitch has affirmed Noble’s rating. 
  • We currently have a HOLD on the stock with a fair value of S$0.44.  



Carey Wong CFA OCBC Securities | http://www.ocbcresearch.com/ 2016-01-08
OCBC Securities SGX Stock Analyst Report HOLD Maintain HOLD 0.44 Same 0.44


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