S&P rates Noble notes BBB-

Standard & Poor's said it assigned a BBB- long-term issue rating and cnA- long-term Greater China credit scale rating to a dollar-denominated senior unsecured notes issuance by Noble Group Ltd.

The issuance is a drawdown under the company's existing $3 billion medium-term notes program, which is rated BBB- and cnA-.

The proceeds will be used for general corporate purposes. The terms and conditions of the notes are the same as the company's existing senior unsecured notes.

The rating reflects the company management's experience in commodity trading and managing the supply chain, S&P said.

Noble's large operating scale, diversified businesses and ability to integrate acquired operations and assets also support the rating, the agency said.

The company's low-margin, high-volume business, execution risk in business expansion and exposure to volatile commodity prices temper these strengths, S&P said.

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