Moody’s: Noble view stable

Moody’s Investors Service said it affirmed Noble Group Ltd.’s Baa3 issuer and senior unsecured bond ratings.

At the same time, Moody’s has changed the outlook to stable from positive.

Moody’s said it changed the outlook after concluding that Noble Group will over time deploy a large portion of the $3.4 billion in proceeds arising from the sale of Noble Agri Ltd. (unrated) to support the further build-out of its oil, gas and power businesses, to speed up the growth of its other businesses, and to support the working capital requirements associated with its investments in X2 Resources and Harbour Energy. These plans imply a level of leverage going forward that is consistent with the current Baa3 rating level.

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