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Noble Group Declines as Fitch Sees 'Real Possibility' of Default

  • Rating agency cut trader’s score for third time in two months
  • Noble stock falls as much as 7.6 percent upon reopening
Updated on

Noble Group Ltd. shares slid Tuesday on the first day of trading after Fitch Ratings cut the embattled commodities trader’s credit rating to a score indicating that a default is possible.

The company’s stock dropped 2.8 percent as of 3:04 p.m. in Singapore after a public holiday Monday. It earlier fell as much as 7.6 percent. Fitch slashed its rating late Friday by two steps to CCC, its third downgrade since the middle of last month. Fitch’s definition for that rating says it indicates "substantial credit risk" and that "default is a real possibility."