Noble Group Shares Tumble After Moody's Cuts Rating to Junk
- Stock is the biggest loser on Straits Times Index this year
- Sale of Noble Agri stake will improve metrics, company says
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Noble Group Ltd.’s shares slumped and its bonds fell to a record after the commodity trader had its credit rating cut to junk by Moody’s Investors Service on concerns about the company’s liquidity amid the rout in raw materials.
The stock fell as much as 9.1 percent to 40 Singapore cents and traded at 40.5 cents at 12:22 p.m. local time. The shares have lost 64 percent this year, the most among members of the Straits Times Index. Noble Group’s dollar bonds due in 2020, its most liquid, were down 5.95 U.S. cents on the dollar at 63.57 cents, the lowest since they were issued in 2009, according to Bloomberg-compiled prices.