Noble Group rating
SINGAPORE: Standard & Poor’s (S&P) cut its credit rating on Noble Group to junk, adding to concerns about financing costs for Asia’s biggest commodity trader a week after a similar downgrade by Moody’s Investors Service and sending its stocks and bonds sliding. Shares in Noble, which has been grappling with a rout in commodities and an attack on its accounting practices, fell as much as 10 per cent on Friday while its bonds tumbled seven to eight points. The downgrades will put more pressure on Noble to increase funding secured with collateral as it will be less able to tap capital markets and will have to constantly roll over debt from banks. The company, with a market cap of $1.5 billion, has a total of $2.5 billion worth of loans due this year.