Moody’s: Noble unaffected

Moody's Investors Service said that the announced resignation of Noble Group Ltd.’s chief executive officer Yusuf Alireza has no immediate impact on the company's Ba3 corporate family rating, Ba3 senior unsecured bond ratings or the provisional Ba3 provisional rating on its senior unsecured medium-term note program.

The outlook remains negative.

Moody’s said the change in management does not change the drivers of the negative outlook, which reflects uncertainty regarding the company's ability to rebuild and reposition its operations to improve profitability, cash flow and liquidity amid the prolonged commodity down cycle.

"From a supportive perspective, we note continuity in operational management with the appointment of new Co-CEOs Will Randall and Jeff Frase, both of whom are experienced executives in Noble's key businesses," Moody's vice president and senior credit officer Joe Morrison said in a news release.

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