Noble Group Cut to Junk by Moody's Over Liquidity Concerns
- Move comes despite sale of stake in agriculture unit to Cofco
- Commodity trader has been criticized over its accounting
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Noble Group Ltd., the commodity trader battling criticism of its accounting, had its credit rating cut to junk by Moody’s Investors Service on concerns about the company’s liquidity amid a broad downturn in prices for energy and raw materials.
Moody’s lowered Noble’s senior unsecured bonds to Ba1 from Baa3, the ratings company said Tuesday in a statement. The outlook for the company’s new rating is negative.