Fitch assigns BB+ to Noble notes

Fitch Ratings said it assigned Noble Group Ltd.’s (BB+/stable) proposed dollar-denominated notes an expected rating of BB+(EXP).

The notes would be issued by Noble, and constitute direct, general, unconditional, unsubordinated and unsecured obligations of the company.

Fitch said Noble's ratio of working capital/total debt, including 50% of its perpetual securities, improved significantly to a healthy 1.36 times at end-2016, from 0.96 times at end-2015.

This was consistent with the agency’s expectations, as the company implemented a number of liquidity-strengthening measures, including the sale of Noble America Energy Solutions (NES) and completion of a rights issue. This ratio is similar to those of investment-grade rated peers.

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