S&P upgrades Noble debt

S&P said it removed the senior unsecured issue-level ratings for Noble Group Ltd. from under criteria observation and raised the rating on its senior unsecured debt to CCC- from CC.

The agency said the action stems solely from the application of its revised issue rating criteria and does not reflect any change in the assessment of the corporate credit rating.

“Our rating action takes into consideration Noble Group's capital structure, which consists of about $700 million of secured debt and $4 billion of unsecured debt issued at the parent level, and about $3 million of unsecured debt issued by its subsidiary,” S&P said in a news release.

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