Fitch down­grades No­ble’s rat­ing, again

New Straits Times - - Business World -

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.

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