S&P assigns Noble notes BBB-

Standard & Poor's said it assigned its BBB- issue rating to the $500 million and $250 million of senior unsecured notes due 2015 and 2020, respectively, issued by Noble Group Ltd. (BBB-/stable).

In its opinion, Noble's intermediate financial risk profile has some capacity to take on additional net debt under the current rating, which is supported by a reasonable capital structure, S&P added.

In addition, the agency said it believes the net effect of the notes issuance on Noble's overall credit metrics is unlikely to pressure the rating given that we expect a significant proportion of the proceeds to be used for refinancing bank facilities and for working capital.

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