Moody's: Noble view negative

Moody's Investors Service said it changed the outlook for Noble Corp. (Cayman Island) to negative from stable.

Moody's said it also affirmed Noble's Baa1 senior unsecured ratings.

"Noble's new offshore drilling rig construction program is going to require more debt funding than we expected," Moody's vice president Pete Speer said in a news release.

"While the company's leverage metrics should still decline in 2012, they are likely to be higher than we had been anticipating. The negative outlook reflects our concern that Noble's earnings may not increase sufficiently in 2012 to reduce leverage metrics to levels more consistent with its Baa1 rating," Speer added in the release.

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