trending Market Intelligence /marketintelligence/en/news-insights/trending/hVcsr94OHHbYWv5MFCEP0A2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

S&P Global Ratings, Moody's downgrade Noble Group on default risk

Essential Metals & Mining Insights - August 2020

State of the Market: Mining Q2-2020

Report Outlooks of Lithium and Cobalt

Essential Metals & Mining Insights July 2020

S&P Global Ratings, Moody's downgrade Noble Group on default risk

S&P Global Ratings and Moody's downgraded Noble Group Ltd. on Aug. 14, citing the company's increased risk of defaulting on its debt obligations.

S&P cited increasing risk that Noble Group will not be able to meet its debt obligations in the next six months.

Noble Group's remaining cash, combined with the potential proceeds from the sale of Noble Americas Gas & Power Corp., is not expected to be sufficient to cover its revolving credit facilities if the company does not turn around and recover from its recent losses or if it fails to secure bank waivers and breaches its financial covenants.

S&P lowered its long-term corporate credit rating on Noble Group to CCC- from CCC+ with a negative outlook. The long-term issue rating on Noble's outstanding senior unsecured notes was decreased to CC from CCC.

Moody's lowered Noble Group's corporate family rating and senior unsecured bond ratings to Caa3 from Caa1, with a negative outlook, citing similar concerns while noting that the outlook results from increased default risk over the next 12 months and the uncertain recovery prospects for creditors.

Both rating agencies underscored Noble Group's weak liquidity, with Moody's indicating that the company's liquidity headroom fell to US$1.4 billion by the end of June from US$2.4 billion at the end of March.

Moody's said the company's rating could be upgraded if it raises enough funds to meet maturing debt and cash outflow from operations over the next 12 months. Both rating agencies warned of further downgrades if Noble Group defaults on payment obligations, if its liquidity worsens or if debt recovery is lower than expected, in case of a default.

Noble Group's losses in the first six months of 2017 ballooned to US$1.88 billion, compared to a loss of US$14.4 million the year before.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.