Noble: (S$0.33) Credit rating cut to Junk; major blow
- Fitch cut its long term debt rating for Noble to junk (BB+) from investment grade (BBB-).
- Downgrade as a reflection of Noble's shift in debt structure towards shorter term financing.
- Expected to be a major blow to Noble; rise in funding costs eating into razor thin margins.
- Noble trading at 0.46x P/B, just a slight discount to investment grade credit rating peer Glencore’s 0.65x.
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