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S&P lowers Noble Group
S&P said it lowered its long-term corporate credit rating on Noble Group Ltd. to CCC+ from B+. The outlook is negative.
At the same time, S&P cut the long-term issue rating on Noble's outstanding senior unsecured notes to CCC from B and lowered the long-term Greater China regional scale rating on the company to cnCCC+ from cnBB- and on the notes to cnCCC from cnB+.
“We downgraded Noble because we believe the company's capital structure is not sustainable. This is due to continuing weak cash flows and profitability, and Noble's access to funding will have further weakened following its weak results for the three months ending March 31, 2017,” S&P said in a news release.
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