The chief executive of Noble Group has questioned Moody’s decision to downgrade the commodity trader’s credit rating to junk status, saying weak raw material prices would not affect its profitability.
In a combative letter to staff, seen by the Financial Times, Yusuf Alireza said the “unexpected” downgrade had also overlooked the “positive ratings impact” from a recent agreement to sell its remaining stake in an agricultural trading joint venture for $750m.
Moody’s downgrade is the latest blow to Noble. Its shares plunged this year amid questions about the company’s accounting and a collapse in commodity prices, even as Noble’s energy trading business outperformed.
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