Noble Group `Fighting for Its Life' as S&P Sees Default Risk
- S&P reduces long-term credit rating by three notches to CCC+
- Shares halted in Singapore after plunge as statement expected
Noble Group Says Still in Talks With Possible Partners
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Noble Group Ltd.’s crisis deepened after S&P Global Ratings flagged a risk of default for the commodity trader within a year, triggering a rout in the company’s shares before they were suspended in Singapore ahead of a company statement. The 2020 bonds fell to a record low.
“Noble is fighting for its life now,” said Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group Ltd., who’s been covering Noble Group since 2008 and has been underweight on the bonds since 2015. “We’re not sure how long it can sustain without a white knight.”