S&P Global Ratings

Noble Group sued by top investor as trader defaults on debt
SINGAPORE (Mar 21): Noble Group is being sued by one of its top shareholders in a fresh blow to the embattled commodities trader as it defaults on debt obligations. Goldilocks Investment Co. filed a lawsuit Tuesday in the Singapore High Court against the company and executives, including founder Richard Elman, alleging the trader inflated profits to raise money, according to a copy of the writ ...
Noble Group `fighting for its life' as S&P sees default risk
(May 23): Noble Group Ltd.’s crisis deepened after S&P Global Ratings flagged a 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 ...
Australia's AAA rating is back under the microscope
SYDNEY (May 9): Australia’s AAA rating is again under the microscope as the government prepares to deliver a budget Tuesday that appears long on spending pledges and short on savings. Of the 10 holders of the top score from the three main rating companies, Australia is the only one that’s increased its debt pile in the past three years. S&P Global Ratings put Australia on negative ...
Australian government to give budget update, top credit rating at risk
SYDNEY (Dec 19): Australia's conservative government will on Monday give an update on the national budget that could trigger a downgrade in the country's prized triple A credit rating and push up borrowing costs on over a trillion dollars of debt. Facing slowing economic growth and a seemingly intractable deficit, Treasurer Scott Morrison is expected to reaffirm a pledge to return to surplus ...
BlackRock says Australia could lose AAA rating next month
(Nov 6): Australia could be stripped of its top credit score by S&P Global Ratings as early as next month if the government’s interim budget review shows further deterioration, according to BlackRock Inc. The mid-year economic and fiscal outlook, which for the past three years has been delivered in December, could be a “catalyst” for the country to lose its AAA rating, said Stephen ...
Singapore property sector provides shelter amid bond market volatility
SINGAPORE (Sept 8): S&P Global Ratings says Singapore’s real estate sector is expected to withstand the current volatility in the local currency bond market, even as the Swiber collapse in August fuelled public fears over more such occurrences. “The dominance of large players in Singapore's real-estate industry should provide some cushion to absorb downside risk in the domestic bond ...
Noble says ‘does not agree’ with S&P downgrade
SINGAPORE (June 16): Noble Group on Thursday says it “does not agree” with S&P Global Ratings’ downgrade of Noble’s credit rating to B+ from BB-, with a negative outlook. “Given the company’s recent announcements of a US$500 million ($676 million) rights Issue, the future sale of Noble Americas Energy Solutions business, as well as other capital initiatives and cost-cutting ...
Noble credit rating cut by S&P despite efforts to raise cash
(June 16): Noble Group’s credit rating was cut by S&P Global Ratings for the second time in six months, citing its weakened liquidity position and higher funding costs despite recent efforts to raise cash. The rating was lowered to B+ from BB-, with a negative outlook, according to a statement on Wednesday. The downgrade comes after a turbulent few weeks for the company. Noble ...
Singapore REITs to ‘hold up in market downturn’: S&P Global Ratings
SINGAPORE (June 15): S&P Global Ratings have expressed confidence in the stability of Asia-Pacific REITs, including that of Singapore’s. In a Monday report, analyst Craig W Parker says the region’s REITs rated by the research house have “solid business positions and moderate financial positions that are likely to hold up in a market downturn”. Such rated REITs will maintain ...
Singapore bond market frenzy distorts credit costs, S&P says
SINGAPORE (June 7): Corporate bond offerings by some of Singapore’s biggest companies are drawing such strong demand from investors that they are artificially lowering borrowing costs for weaker borrowers, according to S&P Global Ratings. Recent offerings from issuers such as state investment company Temasek Holdings Pte, port operator PSA Corp and electricity distributor Singapore Power ...