Moody's up Noble Group to Baa3

Moody's Investors Service said it upgraded to Baa3 from Ba1 Noble Group Ltd.'s corporate family rating and senior unsecured bond rating and assigned it a Baa3 issuer rating.

The outlook is stable.

The upgrade reflects Noble's demonstration of financial prudence during the extreme market volatility of the last 12 months against the backdrop of rapid growth in the last few years, Moody's said.

Its diversification, by product and by geography, contributed to the stability of its profit margins, which have persisted amid the severe drop in commodity prices and sharp correction in market conditions evident during the second half of 2008 and year to date, the agency said.

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