Moody's downgraded Noble Group's ratings to Ba1 from Baa3 due to concerns over the company's liquidity and low profitability. While Noble plans to improve its liquidity through asset sales and cost cuts, Moody's views Noble's liquidity position as still constrained and expects challenges to consistent access to bond markets, characteristics more consistent with Ba-rated entities. The negative outlook reflects execution risk in Noble's plans and uncertainty from low commodity prices.
Noble Group Moody's Global Credit Research Rating action GE 94
Credit Opinion: Noble Group Limited
Noble's Ba1 corporate family and senior unsecured bond ratings reflect the low level of profitability inherent in its business, the volatility of the commodities markets in which it operates, and the consistently negative free cash flows from its core operating units.
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Noble Group Moody's Global Credit Research Rating action GE 94
Credit Opinion: Noble Group Limited
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Financial Reporting Fallacy: The Whole May Appear Healthier Than the Parts
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July 31, 2013: Companyprofilesandconferences.com added a new company report on "Exterran Holdings, Inc. (EXH) - Financial and Strategic SWOT Analysis Review" which gives in depth information and data about the company and its operations.
I am preparing to graduate my second Master's in Hospitality and Tourism Management from Roosevelt University and looking for a meeting and event planning position.
The current shellfish industry development strategy and why shellfish could be important in an English aquaculture strategy. Presentation by Dr Tom Pickerell
W.U.School (aka WUniversity)
With technology driving the future of our economy and the world at large, it's becoming ever more important to arm today's youth with new skills, tools, and means to express and even create tomorrow's next wave of change. But more than just zeros and ones, programming is a language, and like any other, one that offers a powerful means of translation that can facilitate powerful learning and creativity. Enter W.U.School...
DONATE HERE https://www.fracturedatlas.org/site/contribute/donate/463
We recently worked with a non banking financial institution and helped them create a professional looking version of their existing loan policy documents. The intent was to keep the document clean and impactful whilst breaking away from the usage of Word.
Most of the times these documents are made in softwares such as InDesign but we made it in PowerPoint. The client not only benefited because the document was editable but was also able to re-use it for future projects. Also, the cost of creating this document was in PowerPoint was 8 times lesser than what they would have paid for InDesign work!
Signature Bank Results Presentation DeckMarch 2023.pdfBryann Alexandros
Signature Bank was a bank that did business in New York City and other states. It had $110.4 billion in assets and $82.6 billion in deposits by the end of 2022. It used to have offices only in New York City. In the late 2010s, it started to grow and offer more services, but it was most known for its 2018 decision to work with the cryptocurrency industry. By 2021, cryptocurrency businesses had 30 percent of its deposits. Banking officials in New York shut down the bank on March 12, 2023, two days after Silicon Valley Bank (SVB) went broke. After SVB went broke and because Silvergate Bank, another cryptocurrency-friendly bank, went broke earlier in the week, scared customers took out more than $10 billion in deposits. It was the third-biggest bank failure in U.S. history. On March 19, a week after the bank shut down, the FDIC sold the new bank, most of its deposits, and its 40 offices to New York Community Bancorp to be part of its Flagstar Bank part. Some $4 billion in digital money banking deposits and $60 billion in loans were not part of the deal.
LPL Financial provides technology, brokerage, and investment advisory services through business relationships
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financial representatives. Our financial advisors and institutions are our only customers, and we do not market
directly to investors.
In this presentation Gopalkrishna Rajagopal talks about what a financial company is, with examples of who they are and what they do. And goes through the key sectors and the business model they have in place at the Williams Capital Group.
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loan that once signed, does not oblige the lenders to provide the funds to the
borrower… previously it signed a near $1B in off-balance sheet financing facility.
● *****Muriel Anouk Scwab, CFO is on “sabbatical leave”.
● Gunvor Group poses substantial risks to the Swiss banking and financing sector:
By the derivatives even if Gunvor survives, the debt to equity is now 11X.
● It is a less than $1B balance-sheet carrying billions of MTM derivatives contracts
84% of its cash is generated by a debt-inflow.
This annual report of worldwide threats to the national security of the United States responds to Section 617 of the FY21 Intelligence Authorization Act (P.L. 116-260).
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In three trading days BROYLES lost $3.6M. His losses accelerated the following week. On January 9 lost $2.2M and twice as much as on January 8. As his losses mounted, Smith tried to reach BROYLES on the morning of January 10. However BROYLES did not arrived until the afternoon and his portfolio lost more than $5.2 Million that day.
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Tradeflow capital management pte risk report (1)
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Trade finance funds loaded up commodity sector transactional financing in the...GE 94
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Artificial intelligence (AI) is a multidisciplinary field of science and engineering whose goal is to create intelligent machines.
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Research: Technology breakthroughs and their capabilities.
Industry: Areas of commercial application for AI and its business impact.
Politics: Regulation of AI, its economic implications and the evolving geopolitics of AI.
Safety: Identifying and mitigating catastrophic risks that highly-capable future AI systems could pose to us.
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The Building Blocks of QuestDB, a Time Series Databasejavier ramirez
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Traditionally, databases have treated timestamps just as another data type. However, when performing real-time analytics, timestamps should be first class citizens and we need rich time semantics to get the most out of our data. We also need to deal with ever growing datasets while keeping performant, which is as fun as it sounds.
It is no wonder time-series databases are now more popular than ever before. Join me in this session to learn about the internal architecture and building blocks of QuestDB, an open source time-series database designed for speed. We will also review a history of some of the changes we have gone over the past two years to deal with late and unordered data, non-blocking writes, read-replicas, or faster batch ingestion.
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06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
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Moody's downgrades Noble Group to Ba1; outlook negative
1. Rating Action: Moody's downgrades Noble Group to Ba1; outlook negative
Global Credit Research - 29 Dec 2015
Hong Kong, December 29, 2015 -- Moody's Investors Service has downgraded Noble Group Limited's senior
unsecured bond ratings to Ba1 from Baa3 and the provisional rating on its senior unsecured MTN program to
(P)Ba1 from (P)Baa3.
At the same time, Moody's has assigned a Ba1 corporate family rating to Noble and has therefore withdrawn the
company's issuer rating.
The rating actions conclude Moody's review for downgrade initiated on 16 November 2015.
The outlook for the ratings is negative.
RATINGS RATIONALE
"The downgrade of Noble's ratings reflects Moody's concerns over the company's liquidity," says Joe Morrison, a
Moody's Vice President and Senior Credit Officer.
The Ba1 ratings also reflect low levels of profitability and consistent negative free cash flow from core operating
activities, which exclude proceeds from asset sales.
"The downgrade also reflects the uncertainty as to whether or not these factors can be improved sustainably and
materially, given our expectations of a prolonged commodity downcycle, and the consequent negative sentiment
impacting Noble and commodity traders in general," adds Morrison.
Moody's notes that the global commodity downturn has become severer over the last one to two months and
believes these negative conditions might erode Noble's access to funding and could therefore challenge its
profitability, prompting Moody's to conclude the rating review.
Moody's also notes the announced sale of its remaining 49% stake in Noble Agri Limited (unrated). The expected
receipt of $750 million from the sale will improve Noble's liquidity profile and adjusted net debt/EBITDA to about
3.2x in 2015.
However, Noble's liquidity position remains constrained, despite the company's well-developed plans to further
improve the situation in the coming months.
Overall, Moody's views that Noble could continue to face pressure to move more of its bank funding to a secured
platform, if it faces challenges to access unsecured debt funding.
Moody's also expects that Noble's ability to gain consistent access to the bond markets will remain constrained.
This challenge is unusual for investment grade entities and the sporadic nature of its access is a characteristic
that is more consistent with that of Ba-rated entities.
Moody's understands that Noble plans to engage in further capital raising activities and aims to improve its
operations such as to lower operating expenses, lower working capital utilization, and strengthen cash flow
generation.
If it achieves such aims, the company will exhibit an improved liquidity profile that supports its Ba1 ratings. Its
leverage metrics should also improve and therefore provide further support to its Ba1 ratings.
The negative ratings outlook reflects the execution risk associated with Noble's plan to improve its liquidity
position, as well as the uncertainty arising from the commodity price environment, and the impact that increasingly
lower commodity prices globally will have on companies with exposure to commodities.
The ratings outlook could return to stable, under the following conditions:
1) The asset sale proceeds as expected, and Noble shows a significantly improved liquidity profile, with readily
2. available cash and availability under committed, multi-year credit facilities comfortably exceeding short term debt
over the following 12 months on a sustainable basis;
2) An adjusted net debt to EBITDA ratio below 4.0x and adjusted retained cash flow to net debt in excess of 20%;
and
3) Secured borrowings below 20% of total reported debt; a scenario which will therefore not trigger subordination
risk.
However, Noble's ratings are likely to be downgraded if its liquidity position does not show a meaningful
improvement, or its leverage rises, such that its adjusted net debt/EBITDA registers in excess of 4.5x and retained
cash flow/net debt trends below 20% on a sustained basis.
The principal methodology used in these ratings was Trading Companies published in March 2015. Please see the
Credit Policy page on www.moodys.com for a copy of this methodology.
Noble Group Limited is the largest global physical commodities supply chain manager in Asia by revenue. Its
diversified activities across the supply chain include the sourcing, storage, processing, transportation, and
distribution of over 20 commodity products.
Headquartered in Hong Kong, Noble Group Limited operates offices in 60 locations globally, and employs 1,900
staff.
The company is publicly traded on the Singapore Stock Exchange.
Founder and Chairman, Mr. Richard Elman, holds about a 22% stake in the company. China Investment
Corporation — the Chinese sovereign wealth fund — owns about 10% of the company.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory
disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class
of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance
with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular
credit rating action for securities that derive their credit ratings from the support provider's credit rating. For
provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating
assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in
each case where the transaction structure and terms have not changed prior to the assignment of the definitive
rating in a manner that would have affected the rating. For further information please see the ratings tab on the
issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit
rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory
disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if
applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating
outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal
entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for
each credit rating.
The first name below is the lead rating analyst for this Credit Rating and the last name below is the person
primarily responsible for approving this Credit Rating.
Joe Morrison
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
4. WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable.
Because of the possibility of human or mechanical error as well as other factors, however, all information contained
herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the
information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be
reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and
cannot in every instance independently verify or validate information received in the rating process or in preparing
the Moody’s Publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors
and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or
damages whatsoever arising from or in connection with the information contained herein or the use of or inability to
use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives,
licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited
to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial
instrument is not the subject of a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors
and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity,
including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability
that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the
control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers,
arising from or in connection with the information contained herein or the use of or inability to use any such
information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS,
MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER
OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER
WHATSOEVER.
Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”),
hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes
and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of
any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees
ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address
the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist
between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also
publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at
www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder
Affiliation Policy.”
For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services
License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or
Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended
to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By
continuing to access this document from within Australia, you represent to MOODY’S that you are, or are
accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you
represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of
section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a
debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to
retail clients. It would be dangerous for “retail clients” to make any investment decision based on MOODY’S credit
rating. If in doubt you should contact your financial or other professional adviser.
For Japan only: MOODY'S Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of MOODY'S
Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of
MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a
Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are
Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and,
consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ
are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are
5. are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are
FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and
municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as
applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal
and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.