Moody’s boosts Noble Finance

Moody's Investors Service said it upgraded Noble Finance II LLC's corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and senior unsecured notes to B1 from B2. The SGL-1 speculative grade liquidity rating was unchanged.

"The upgrade recognizes management's operational execution and financial outperformance versus our expectations, along with establishing a good governance track record demonstrated by following conservative financial policies and prudent capital allocation," said Sajjad Alam, a Moody's vice president, in a press release.

"Noble's low leverage, significant free cash flow potential and contractual protection through 2025 should provide considerable financial flexibility in weathering any potential downturn in industry conditions," Alam added.

The outlook remains stable.

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