The author of this article has a short position in Noble Group
PLATTS, the energy and commodity pricing agency of S&P GLOBAL is said to re-integrate the bids, offers and transactions of Noble Resources International Pte Ltd (Noble Group Affiliate) in the ASIA market on close (MOC).
Q2 hedge fund letters, conference, scoops etc
“Noble Resources International Pte Ltd has advised S&P Global Platts that it would like to participate in the Platts Asia Market on Close assessment processes for Asia gasoil paper. Platts has reviewed Noble Resources International Pte Ltd and will consider information from Noble Resources International Pte Ltd in the Asia assessment processes for Asia gasoil paper, subject at all times in adherence with Platts editorial standards. Platts will publish all relevant information from Noble Resources International Pte Ltd accordingly”.
Well at least wait for a credit improvement of S&P Global Ratings from ‘D’ before reintegrating Noble Group into the market on close (MOC).
It wouldn’t be too much asked to also use common sense giving the chain of events with that corporate in the recent months: Noble has a net worth -1B USD, generating 150M losses per quarter is probably the most extreme case of a counterparty IN THE PLATTS MOC, a fact been flagged to Platts few times …
“Platts considers bids, offers and transactions by all credible and creditworthy parties in its assessment processes.”
But for Platts, a bankrupted trader can stay “credible and creditworthy”, as long as they can prove that they can open the Letter of Credit from a Bank but here lies the rub: Platts doesn’t require seeing a copy of the said LC… only a communication (letter, email or by phone call)” … (SIC)
Summary: It’s at the entire risk on the counterparty that deals with them if Noble wacks a window delivery.
Article by The Noble Files
