Moody's: Noble issue positive

Moody's Investors Service said it notes the news that Noble Group Ltd. recently issued RM 300 million under its multi-currency Islamic medium-term note program.

"Moody's anticipates that the net proceeds of approximately RM 298 million will be used primarily for the refinancing of existing debt and will therefore be leverage neutral; however the refinancing of short term drawings under Noble's revolving credit facility will serve to term out the debt maturity profile which is credit positive," Moody's senior vice president Laura Acres said in a news release.

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