Fitch downgrades Noble Group

Fitch Ratings said it downgraded Noble Group Ltd.’s long-term foreign-currency issuer default rating to RD (restricted default) from C as the company has missed the payment on its $379 million 3 5/8% notes due March 20.

The agency also affirmed Noble's senior unsecured rating and the ratings of all its outstanding bonds at C, with a recovery rating of RR5.

The agency said the non-payment is consistent with an RD rating, signifying the uncured expiration of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation.

The rating reflects that the company has not yet entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and has not otherwise ceased operating.

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