Ratings agencies cut their scores on the commodity trader.
Bloomberg Markets reported that Noble Group Ltd. may default on its debt as soon as the next six months, according to S&P Global Ratings and Moody’s Investors Service, which again cut their scores on the commodity trader while warning that planned asset sales may be insufficient to cover obligations.
The ratings were cut two notches by S&P and Moody’s late on Monday, pulling them deeper into junk territory and closer to the likelihood of default. S&P sees non-repayment risk in the next six months, while Moody’s said the prospect of a full recovery of principal and interest will be low for unsecured bondholders in the event of a default.
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