Fitch affirms Noble

Fitch Ratings said it affirmed Noble Group Ltd.'s long-term foreign-currency issuer default rating and senior unsecured debt rating at BBB-.

The outlook is positive.

The ratings reflect Noble's continued robust risk and liquidity management, Fitch said.

In managing inventory, which constitutes the bulk of its working capital, Noble takes minimal volume risk while hedging price risk through forward sales to end customers or by taking positions on liquid futures exchanges and over-the-counter markets, the agency said.

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