Fitch rates Noble notes BBB-

Fitch Ratings said it assigned an expected rating of BBB- to the proposed senior unsecured notes due 2013 to be issued by Noble Group Ltd. The final rating is contingent upon receipt of final documents. The company has a long-term foreign-currency issuer default rating of BBB- with a stable outlook.

The ratings are supported by Noble's robust revenue and profit generation track record despite its exposure to inherently cyclical industries, Fitch said. Noble's diversity of products and markets, geographic diversity and leading market position have helped to reduce its exposure to commodity price cyclicality, the agency added.

The ratings are constrained by Noble's business model, which requires significant and increasing working capital, Fitch said, supported by debt to finance it.

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