Fitch rates Noble Group notes BBB-

Fitch Ratings said it assigned an expected rating of BBB- to Noble Group Ltd.'s proposed additional $400 million senior notes due 2020. Fitch said it believes the proposed new notes will rank pari passu with its existing senior unsecured debt, which carries the company's long-term foreign-currency issuer default rating of BBB-.

The outlook is stable.

The ratings are supported by the company's sustained track record of profit growth and balance sheet resilience through commodity cycles, as well as its strong risk management policies, procedures and culture, Fitch said.

The rating is constrained by the inherent volatility of commodity markets, the agency said, which causes the fluctuation in gross profits of its individual product segments and overall working capital needs, resulting in movements in financial leverage.

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