Fitch sole agency to give investment grade rating to Noble Group

Visual from the company website. August 2015

Fitch Ratings affirmed Noble Group’s BBB-minus rating with a stable outlook on Thursday, remaining the only agency to assign the coveted investment-grade rating on Asia’s biggest commodities trader.

The decision followed Noble‘s improved balance sheet and sufficient liquidity position on the back of its stake sale in Noble Agri Limited, its pledge to cut working capital needs for its metals unit, and continued cash flow generation from its operations, Fitch said.

Both S&P and Moody’s have cut Noble‘s rating to junk, sending its bonds and stocks tumbling. Its stock is trading at the lowest since October 2008.

Its credit default swaps contracts trade on an upfront basis and its CDS curve is inverted, an indication investors consider it a stressed credit.

Noble Group, already under pressure in a weak commodities market, came under the spotlight last February when blogger Iceberg Research alleged the company was inflating its assets by billions of dollars by not fairly representing the value of its commodity contracts. The company has rejected the claims.

Also Read:  Singapore: Noble Group chairman Elman increases holding as shares sink

Singapore: Noble Group stock, bonds crash to 7-year low as S&P cuts it rating to junk

After Moody’s, S&P’s too follows with junk rating status to Noble Group

Noble CEO says Moody’s rating does not reflect positive impact of recent agri deal

Singapore: Noble Group credit rating downgraded to junk by Moody’s as commodity rout deepens

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.