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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-."
http://www.cnbc.com/2017/06/26/fitch-dow...noble.html
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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^^ It should be unbelievable "b" not merely "m"
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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Nobel still has so much money to burn ? Really amazing !
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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Where is the middle East white knight?
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Last traded at 41 cents at around 12:30 GMT+8
Noble Group Plunges After Company Warns of $1.8 Billion Loss
By Jack Farchy , Jasmine Ng , and Denise Wee
July 27, 2017, 3:31 AM GMT+8 Updated on July 27, 2017, 11:41 AM GMT+8
Noble Group Ltd. plummeted in Singapore after the company warned of a quarterly loss of as much as $1.8 billion and announced the sale of more assets, abandoning its ambitions in global commodities trading and falling back on its Asian roots in a last-ditch effort to survive.
The shares sank as much as 49 percent to 29.5 Singapore cents, and traded at 42.5 cents at 11:36 a.m. following the profit warning, which came after the close of trade on Wednesday. The slump takes declines this year to 75 percent. The company’s bonds due in 2020 held near a record low.
More details in
https://www.bloomberg.com/news/articles/...llion-loss
Specuvestor: Asset - Business - Structure.
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The losses is the non-cash impairment charges on balance sheet. The new chairman is very "garang" and swiftly
Of course, all are still on paper, nothing real yet.
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