S&P rates Noble Group bonds BB+

Standard & Poor's said it assigned its BB+ issue rating to Noble Group Ltd.'s proposed $500 million bonds due 2015.

At the same time the ratings agency assigned its BB+ corporate credit rating to the company. The outlook is stable.

S&P said the ratings on Noble Group reflect the cyclical nature of the commodities market, the volatile nature of freight markets on the company's chartering business and the relatively aggressive nature of the company's growth plans.

Proceeds from the issue will be used to refinance existing secured and unsecured debt and as general working capital.

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