S&P: Noble view to negative

Standard & Poor’s said it revised the outlook on Noble Group Ltd. to negative from stable.

The agency also said it affirmed the BBB- long-term corporate credit rating on the company and its BBB- long-term issue rating on the senior unsecured notes.

S&P also said it lowered the long-term Greater China regional scale ratings on the company and the notes to cnBBB+ from cnA-.

The outlook revision reflects Noble’s weakened trading-risk position, the agency said.

The higher risk nature of Noble’s trading positions could result in more volatile earnings and profitability for the company, S&P said.

The risks surrounding Noble’s net fair value and marked-to-market profit are somewhat tempered by the company’s risk management governance, which is viewed as adequate, the agency said.

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