Noble Group Unsecured Debt Rating Raised And All Issue Ratings Taken Off UCO On Updated Issue Rating Criteria

Stocks and Financial Services Press Releases Thursday September 28, 2017 17:07
HONG KONG--28 Sep--S&P Global Ratings

HONG KONG (S&P Global Ratings) Sept. 28, 2017--S&P Global Ratings said today that it has reviewed its senior unsecured issue-level ratings for Noble Group Ltd. that were labeled as "under criteria observation" (UCO) after publishing its revised issue rating criteria, "Reflecting Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017. With our criteria review complete, we are removing the UCO designation from these ratings and are raising our issue rating on Noble Group's senior unsecured debt to 'CCC-' from 'CC'.

These rating actions stem solely from the application of our revised issue rating criteria and do not reflect any change in our assessment of the corporate credit ratings for issuers of the affected debt issues.

Our rating action takes into consideration Noble Group's capital structure, which consists of about US$700 million of secured debt and US$4 billion of unsecured debt issued at the parent level, and about US$3 million of unsecured debt issued by its subsidiary. We have therefore arrived at the following analytical conclusion: The senior unsecured debt issued by Noble Group is rated 'CCC-', the same as the corporate credit rating, because we have identified no sources of significant subordination.


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