Singapore’s DBS Bank has suspended its coverage of struggling dry bulk charterer Noble Group in the wake of downgrades by the three major ratings agencies.
“We have suspended our coverage on Noble given the difficulty in quantifying the impact, if any from the recent downgrade in credit rating by S&P and Moody’s,” said analyst Mervin Song.
He also expressed reservations about the uncertainty surrounding the outcome of Noble’s strategic review as well as the risk that financial losses will continue into 2018.
