ENP Newswire -
Release date- 17062014 - FITCH Ratings said
'We expect 50 per cent equity credit for the securities, as any coupons deferred are cumulative,' the ratings agency said yesterday. 'This is in accordance with Fitch's 'Treatment and Notching of Hybrids in Nonfinancial Corporate & Reit Credit Analysis' criteria. We believe the securities would have a perpetual effective maturity, given the language on replacement intent in the instruments' indenture. The step-up to a cumulative 100 basis points, on and after 25 years following the issue date, would have set the effective maturity date on the reset date in 2039.'
However, Fitch added that due to the expectation that the instrument will remain outstanding or will be replaced by a similar instrument, such effective maturity date is rendered irrelevant. Therefore, the proposed securities' 50 per cent equity credit will remain in effect until they are replaced.
The proposed securities will be used to refinance the repurchase of the
'This change has immaterial effect on the company's leverage level, as we expect Noble to achieve significant deleveraging through its sale of a 51 per cent stake in
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