Poor liquidity hinders a turnaround for the embattled Noble

Fitch just downgraded Noble's rating.

CNBC reported that Fitch Ratings has issued a widespread downgrade to Noble Group, as poor liquidity and weak profitability continue to hinder the turnaround of the struggling commodities trader.

Fitch downgraded Noble's Long-Term Foreign-Currency Issuer Default Rating (IDR) to "CCC" from "B-."

At the same time, the agency downgraded Noble's senior unsecured rating and the ratings on all its outstanding senior unsecured notes to "CCC" from "B-."

"The downgrade follows continued uncertainty regarding Noble's funding capacity and how this will affect its operation at its current business scale," Fitch Ratings said as quoted by CNBC.

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