Fitch downgrades Noble’s rating, again

SINGAPORE: Noble Group Ltd received a fresh blow as Fitch Ratings cut the company’s rating for a second time in 10 days, flagging concern over its ability to address about US$2 billion (RM8.54 billion) of debt that matures over the next 12 months. Noble is in talks with banks to renew a borrowing base facility expiring next month, and Fitch said a successful rollover of a large part of that was “critical” for its liquidity. The “B-” rating at Fitch is six steps below investment grade. Both S&P’s score at “CCC+” and Moody’s Investors Service at “Caa1” are seven steps below that level.