Moody’s drops Noble Group to negative

Moody's Investors Service said it affirmed Noble Group Ltd.'s Baa3 issuer and senior unsecured bond ratings, as well as the provisional Baa3 rating on its medium-term note program.

The outlook was changed to negative from stable.

"The affirmation of the ratings reflects the fact that Noble's business operations remain healthy, with 1H 2015 volume growth of 40% year-over-year," Moody's vice president and senior credit officer Joe Morrison said in a news release.

"However, Noble's ratings outlook was changed to negative, because first-half results indicated higher leverage and lower interest coverage, with a weaker liquidity profile that is less supportive of its current Baa3 issuer rating."

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