S&P: Noble notes A-

Standard & Poor's said it assigned an A- senior unsecured rating to Noble Holding International Ltd.'s senior notes.

Noble Holding is an indirect wholly owned subsidiary of Noble Corp., which has A- ratings and negative outlook. Noble Corp. will guarantee the notes.

The proceeds will be used to finance its capital expenditure program, and repay the Bully JV debt and borrowings under the company's credit facility, S&P said.

The rating reflects the company's strong competitive position in the offshore petroleum contract drilling industry, the agency said.

This results from Noble's fleet of premium, internationally deployed rigs, solid operating performance and sound cash flow performance due to its strong backlog, S&P said.

The ratings also consider the lack of visibility as to when the permitting process will normalize in the United States and its significant near-term capital expenditure plans, the agency said.

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