S&P rates Noble Finance, notes B

Standard & Poor's said it assigned its B corporate credit rating to Noble Finance BV.

The outlook is stable.

At the same time, S&P said it also assigned its preliminary B rating to the proposed five-year $240 million 144-A secured notes due 2011 to be issued by Noble Finance.

The agency said that the rating on Noble Finance reflects the combined credit profile of its parent guarantors, PT Mulia Intipelangi, PT Mulia Intanlestari and PT Sanggarcipta Kreasitama, as well as its highly leveraged financial profile and weak cash flow generation.

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