Noble Group `Confident' of Meeting Moody's Targets Amid Review
- Agency places company's ratings under review for downgrade
- Noble shares slump to lowest in more than a month in Singapore
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Noble Group Ltd. said that it will be able to meet targets from Moody’s Investors Service after the agency placed the company’s ratings under review for a downgrade, raising the possibility the commodity trader may be cut to junk. The stock fell to a five-week low.
“We have always achieved our investment-grade rating targets,” spokesman Stephen Brown said in an e-mailed response to questions on Tuesday, citing the company’s quarterly results last week, including a return to positive cash flow. “We remain confident of achieving Moody’s targets.”