Singapore/Hong Kong — Noble Group’s crisis has deepened after S&P Global Ratings flagged the risk of default for the commodity trader within a year, triggering a rout in the company’s shares before they were suspended in Singapore ahead of a company statement. The 2020 bonds fell to a record low. "Noble is fighting for its life now," said Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group, who’s been covering Noble since 2008 and has been underweight on the bonds since 2015. "We’re not sure how long it can be sustained without a white knight." Noble declined to comment on S&P’s assessment in response to a request from Bloomberg News. The Hong Kong-based trader’s troubles are deepening after two turbulent years marked by losses, asset sales, and accusations of improper accounting, which it has denied. Since surprising investors two weeks ago with a quarterly loss, the shares have tumbled to multi-year lows and the price of its bonds has fallen by more th...
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