Friday May 16, 11:26 AM
Noble Group's proposed senior unsecured notes due 2013 rated 'BBB-' - Fitch
BANGALORE (Thomson Financial) - Fitch Ratings said it has assigned an expected rating of 'BBB-' to Hong Kong-based Noble Group Ltd (N21.SI - news) .'s proposed senior unsecured notes due 2013 and said its final rating would be contingent upon receipt of final documents.
The ratings agency had earlier assigned a 'BBB-' long-term foreign currency issuer default rating (IDR) with a stable outlook to Noble (NYSE: NE - news) reflecting its robust revenue and profit generation track record despite its exposure to inherently cyclical industries.
Nevertheless, the ratings are constrained by the company's business model, which requires significant and increasing working capital, supported by debt to finance it.
Hong Kong-based Noble is a diversified commodity trader/processor with diversified businesses such as sourcing, shipping, processing, storing, distribution of a wide variety of products in the agriculture, energy, and metals sectors.
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