Moody's: Noble unchanged

Moody's Investors Service said that news of Noble Group Ltd.'s acquisition of the Sempra Energy Solutions unit from the RBS-Sempra Commodities joint venture does not have any immediate impact on Noble's Baa3 issuer and senior unsecured bond ratings.

The outlook remains stable.

Noble has just announced the purchase from a joint venture owned by Sempra Energy and the Royal Bank of Scotland plc for $317 million in cash, plus assuming $265 million in debt.

The Sempra Energy Solutions business is historically profitable, the agency said, and hence the overall impact on Noble's credit metrics is manageable within the current rating level.

While the acquisition represents Noble's extension into the retail power business, this situation is mitigated by the profitable track record and established market position of the underlying business, Moody's said.

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