Our balance sheet has never been stronger: Noble

It categorically denied all charges by Muddy Waters.

Noble today rejected all charges made by research firm Muddy Waters regarding its debt levels and accounting policies.

In a release to the SGX, Noble claimed that its balance sheet “has never been stronger”. It also claimed that Muddy Waters omitted the impact of its Agri business in its report.

“This is an important omission given that over the past several years, the Group has made significant investments in its Agricultural Platform, which we substantially recouped through the sale at a premium to book value,” stated Noble.

Noble also reiterated that its debt is not unsustainably high, and claimed that its debt to capitalizations was at a historic low of 38%.

“We acknowledge that our debt does fluctuate intra-quarter, however this is more a reflection of market practice, and nowhere near the +$3bn claimed,” Noble noted.