(May 23): Noble Group Ltd.’s crisis deepened after S&P Global Ratings flagged a risk of default for the commodity trader within a year, triggering a rout in the company’s shares before they were suspended in Singapore ahead of a company statement. The 2020 bonds fell to a record low.

“Noble is fighting for its life now,” said Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group, who’s been covering Noble Group since 2008 and has been underweight on the bonds since 2015. “We’re not sure how long it can sustain without a white knight.”

Noble Group declined to comment on S&P’s assessment in response to a request from Bloomberg News.

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