Fitch puts Noble on watch

Fitch Ratings said it placed Noble Group Ltd.'s long-term issuer default rating, senior unsecured rating and debt ratings of BBB- on Rating Watch negative.

The negative watch is driven by expectations that Noble will focus more on shorter-term and secured financing to lower financing costs amid a difficult operating environment, Fitch explained.

This is likely to result in less financial flexibility for the company, the agency said.

The watch will be resolved when Noble completes refinancing of its committed bank facilities, which is due in May, and on the announcement of its first-quarter 2016 results, Fitch said.

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