Noble Group Ltd’s chief executive has written to staff to say the commodity trader’s financials were improving and did not warrant Tuesday’s “unexpected” move by Moody’s Investors Service to downgrade its credit rating to junk status.
“We clearly feel this decision does not reflect the positive ratings impact of the recent Noble Agri (NAL) deal, but rather follows on from their recent lowering of ratings across the entire commodity sector,” Yusuf Alireza said in a letter to employees following the downgrade.
