Fitch affirms Noble

Fitch Ratings said it affirmed the A- issuer default and senior unsecured ratings for Noble Corp. following the announcement that the company will issue a $202 million special dividend.

The outlook is stable.

The affirmation reflects Noble's robust credit profile, high-quality, diverse fleet of offshore drilling rigs, current contract backlog and history of maintaining a strong balance sheet throughout industry cycles, according to the agency.

Risks include increased cost pressures, potential lowering of day rates for jack-up rigs and sizable capital spending program, Fitch said.

The issuer's debt-to-EBITDA ratio is 0.4 times.

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