Moody's may up Noble Group

Moody's Investors Service said it placed on review for possible upgrade the Ba1 corporate family and bond ratings of Noble Group Ltd.

The action follows news that Noble expects to place a 14.96% stake to China Investment Corp. and also recognizes Noble's improving credit profile, Moody's said.

The equity placement of about $642 million will help strengthen Noble's capital base as it continues to expand its operations, the agency said. The transaction also should foster further co-investment opportunities between Noble and China Investment, Moody's said.

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