Fitch downgrades Noble Group, notes to C

Fitch Ratings said it downgraded Noble Group Ltd.’s long-term foreign-currency issuer default rating and the ratings on all of its outstanding senior unsecured notes to C from CC. The recovery rating of the notes is RR5.

Fitch said the downgrade follows Noble's Jan. 29 announcement of a debt restructuring plan that the agency views as a distressed debt exchange (DDE) as it involves a material reduction in principal, and the restructuring is necessary to avoid a traditional payment default due to the liquidity shortfall of the company.

Fitch said it will downgrade the issuer default rating to restricted default (RD) upon the completion of the debt restructuring and following that, may assign an appropriate issuer default rating for the issuer's post-exchange capital structure, risk profile and prospects.

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