Fitch: Noble unchanged

Noble Corp.'s recently announced redomestication from the Cayman Islands to Switzerland is not likely to adversely affect ratings for the company, according to Fitch.

On Dec. 19, Noble announced plans to move the place of its group holding company from the Cayman Islands to Switzerland, the agency said, noting that the proposed transaction may be deemed an event of default in Noble's $600 million senior unsecured credit facility.

As a result, Noble is expected to seek waivers from lenders prior to implementation of the proposed transaction, Fitch said.

As of Nov. 30, there were no outstanding borrowings under the credit facility, Fitch added, noting that it currently rates Noble as follows: issuer default rating A-; senior unsecured A-; and senior unsecured bank facility A-.

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