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

Noble Groups Chief Executive Officer Yusuf Alireza. Photo: Reuters

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.

“It seems that Moody’s credit committee were not able to differentiate between an environment that is clearly challenging for upstream players and one that opens up opportunities for an asset light trader like ourselves,” Alireza said in the letter, which was reviewed by Reuters.

Asked to comment, a spokeswoman for Noble referred Reuters to a media statement in which the Singapore-listed company said it has investment grade status with two other ratings agencies, and will work with Moody’s to ensure that Noble’s rating reflects the financial metrics that the company will attain.

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Reuters

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.

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

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  • 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. 
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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.