Noble Group Pushes Back After Moody’s Two-Step Rating Downgrade
- Efforts to boost liquidity, deleverage continue, company says
- Moody’s reduction contrasts with assessment from Fitch Ratings
Moody's Downgrades Noble Group to B2
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Noble Group Ltd. pushed back after a two-level downgrade by Moody’s Investors Service, with the commodity trader saying a planned sale of a U.S. energy unit was progressing well and efforts to cut costs and debt were making headway. Bond prices fell, while shares rose.
“We remain on track to reposition the company as an asset-light supply chain manager with high-returning businesses,” spokesman Stephen Brown said on Tuesday after the Moody’s announcement the day before. “Efforts to improve liquidity and further deleverage continue through the completed $500 million rights issue, the well-progressed sale of Noble Americas Energy Solutions and other capital initiatives and cost-cutting measures.”