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- Please Change Name John C Forrey
- Please Change Name Gloria Tsuen
- CFA
Moody's: Noble Group's rating unaffected by its weak 3Q results
Announcement: Moody's: Noble Group's rating unaffected by its weak 3 Q results. Global Credit Research- 14 Nov 2017. Hong Kong, November 14, 2017-- Moody's Investors Service says that Noble Group Limited's weak financial results for Q3 2017 will have no immediate impact on its Caa3 corporate family rating or the negative rating outlook.
- Please Change Name John C Forrey
- Please Change Name Gloria Tsuen
- CFA
Moody's downgrades Noble Group's ratings to Caa3; outlook negative
Rating Action: Moody's downgrades Noble Group's ratings to Caa3; outlook negative. Global Credit Research- 14 Aug 2017. Hong Kong, August 14, 2017-- Moody's Investors Service has downgraded Noble Group Limited's corporate family rating and senior unsecured bond ratings to Caa3 from Caa1, and the rating on its senior unsecured medium-term note program to Caa3 from Caa1.
- Lorraine Tan
- CFA
- Please Change Name Morrison
- Joe
Noble Announces a Loss of $250 Million or More
  ISSUER COMMENT CORPORATES  AUGUST 3, 2017  Noble Announces a Loss of $250 Million  or More From Credit Outlook  On 26 July, Noble Group Limited  (Caa1 negative) announced that it would report an adjusted operating loss f
- Please Change Name Gloria Tsuen
- CFA
Moody's: Noble's profit warning is credit negative
Announcement: Moody's: Noble's profit warning is credit negative. Global Credit Research- 27 Jul 2017. Hong Kong, July 27, 2017-- Moody's Investors Service says that Noble Group Limited's profit warning for its 2 Q 2017 results is credit negative, and will further increase the challenges the company faces in turning around its operations and tackling large near-term debt maturities.
- Lorraine Tan
- CFA
Noble Group Garage Sale Means a Smaller Business; FVE Lowered to SGD 0...
Noble Group’s plans to sell its global oil and gas trading business and to shrink its trading activities to just the coal energy and metals arena appears to be a viable solution to the company’s current difficulties, in our view. However, the move means a reliance on the less liquid metals-trading activities as its core focus, which we think is less attractive. In our reworked base-case scenario, the company’s equity will likely continue shrinking until 2020, as we see the potential of con...
- Lorraine Tan
- CFA
Noble Gets a Temporary Debt Reprieve, Our View Unchanged
Noble Group's USD 2 billion borrowing base facility extension was welcome news, sending the company's share price up over 50% over the past two trading days, but it does not change our view on the company. At the moment, we keep our fair value estimate at SGD 0.66 which assumes the company will be able to refinance at least USD 1.2 billion of its committed borrowing base facilities for another year. The current extension is for 120 days and buys time for the company to work out a formal refinanc...
- Please Change Name John C Forrey
- Lorraine Tan
- CFA
Noble Group’s FVE at SGD 0.66 Assuming Refinancing Cap of USD 1.2 Bi...
We’ve cut our assumptions on Noble Group’s ability to refinance its debt following the recent downgrade by Standard and Poor’s on its rating. We now cap the company’s refinancing at USD 1.2 billion going forth in our base-case assumption and as a result, we think the company will have no choice but to reduce the quantum of physical trades. This means we think the company will make slightly higher net losses of USD 418 million and USD 92 million in 2017 and 2018, respectively, but a retur...
- Lorraine Tan
- CFA
Noble Group Share Price Plunges, Putting Coverage Under Review Pending...
We are placing our coverage of Noble Group under review pending additional fresh news. Noble Group has halted trading following a share price plunge amid a sharp drop in its bond price that follows a Reuters report that possible discussions for the entry of a strategic shareholder have fallen through. In addition, Standard & Poor’s has downgraded the company’s debt rating to junk. Our current fair value estimate is SGD 1.31 on the prognosis that the company would be able to refinance its bor...
- Please Change Name Gloria Tsuen
- CFA
Noble Group Limited: Update Following Recent Downgrade
CORPORATES CREDIT OPINION 18 May 2017 Update RATINGS Noble Group Limited Domicile Bermuda Long Term Rating Caa1 Type LT Corporate Family Ratings Outlook Negative Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contact Gloria Tsuen, CFA 852-3758-1583 VP-Senior Analyst [email protected]
- Please Change Name Gloria Tsuen
- CFA
Moody's downgrades Noble Group's ratings to Caa1; outlook negative
Rating Action: Moody's downgrades Noble Group's ratings to Caa1; outlook negative. Global Credit Research- 15 May 2017. Hong Kong, May 15, 2017-- Moody's Investors Service has downgraded Noble Group Limited's corporate family rating and senior unsecured bond ratings to Caa1 from B2, and the rating on its senior unsecured medium-term note program to Caa1 from B2.
- Lorraine Tan
- CFA
Noble Group's Share Dive May Be Overdone, but Lack of Transparency Lea...
Noble Group’s share price dived 32% on May 11 following a profit warning just hours ahead of the release of first-quarter results. While the SGD 129.3 million first-quarter net loss was disappointing, what’s probably more damaging to investor confidence is the lack of guidance on the disruptions to the spot coal market, which had been dogging the company’s coal trades since February. We think this could further put off lenders to Noble, and we anticipate even higher debt costs if the compa...
- Please Change Name Joe Morrison
- CFA
Noble Group Limited: 2016 Results Update
CORPORATES CREDIT OPINION 6 April 2017 Update RATINGS Noble Group Limited Domicile Bermuda Long Term Rating B2 Type LT Corporate Family Ratings Outlook Negative Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Joe Morrison, CFA 852-3758-1376
- Please Change Name John C Forrey
- Please Change Name Morrison
Noble Group Limited: Covenant Quality Post-Sale Snapshot: U.S.$750m 8....
CORPORATES ISSUER IN-DEPTH 9 March 2017 Source Documents: Offering Circular 6 March 2017 Peer Group: » Trading Companies KEY METRICS: Historical financial data (as of 31 Dec 2016) Total assets = 12,285 Pro forma financial data (as of 31 Dec 2016) Total debt = 4,792 (All figures in $ millions unless otherwise noted) (Ratios may vary from Moody’s adjusted ratios) This report contains Moody’s analysi
- Please Change Name Joe Morrison
Moody's assigns B2 rating to Noble's proposed USD notes
Hong Kong, March 06, 2017-- Moody's Investors Service has assigned a B2 rating to the USD senior unsecured notes to be issued by Noble Group Limited. The outlook on Noble's B2 corporate family rating remains negative. "The B2 rating reflects Noble Group's large scale and product and geographic diversity, tempered by weak and volatile cash flow and pressure on liquidity," says Joe Morrison, a Moody's Vice President and Senior Credit Officer.
- Please Change Name Joe Morrison
Moody's: Noble Group's 2016 results have no impact on B2 rating or ne...
Hong Kong, February 28, 2017-- Moody's Investors Service says that Noble Group Limited's 2016 results have no immediate impact on its B2 corporate family rating or the negative rating outlook. "Noble Group's capital raising initiatives allowed the company to reduce debt and alleviate immediate pressure on liquidity, but the company remains challenged by volatile operating cash flow and significant debt maturities in 2018," says Joe Morrison, a Moody's Vice President and...
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