Fitch Rates Noble Group's Guaranteed Bonds Final 'AAA(tha)'

(The following statement was released by the rating agency) BANGKOK/SINGAPORE, April 22 (Fitch) Fitch Ratings (Thailand) Limited has assigned Noble Group Limited's (Noble) THB2.85bn guaranteed bonds due 2016 a final National Long-Term rating of 'AAA(tha)'. The bonds, which are guaranteed by Credit Guarantee and Investment Facility (CGIF), have a Stable Outlook. The assignment of the final rating follows the receipt of documents conforming to information already received and the final rating is the same as the expected rating assigned on 5 April 2013. Key Rating Drivers Guarantee from CGIF: The rating of the bonds reflects the unconditional and irrevocable guarantee of scheduled payments of interest and principal provided by CGIF. In Fitch's view, CGIF's credit profile is stronger than Thailand's Long-Term Local Currency IDR of 'A-', which is equivalent to 'AAA(tha)' on the National rating scale. The bonds are, therefore, rated at 'AAA(tha)'. Risk from acceleration: The bondholder representative may demand payment under the guarantee only upon the occurrence of a non-payment event under the bonds. The bondholder representative has the right to accelerate the bond payments against the issuer upon an occurrence of any event of default. However, if the bondholder representative exercises this right, CGIF will no longer be obligated to make payments under the guarantee. Currency risk: There exists the risk that the bondholders may not receive payment in Thai baht under the guarantee, if the guarantor determines that it is impossible or impracticable or that it is unable on commercially reasonable terms and in accordance with its policy to obtain Thai baht to fund the bond payment. In this event, CGIF may make the payment with an equivalent amount in a substitute currency, which is the US dollar. Established as a trust fund of Asian Development Bank (ADB) in November 2010, CGIF provides financial guarantee insurance to corporate bonds issued in the Association of Southeast Asian Nations (ASEAN), plus Japan, China and Korea, to protect investors against default. CGIF's capital contributors include the ASEAN as well as the ADB, China, Japan and Korea. Rating Sensitivities Negative: Future developments that may, individually or collectively, lead to negative rating action include: - deterioration in CGIF's credit profile relative to Thailand's Long-Term Local Currency IDR Positive: No positive action is expected as the rating is at the highest of the National rating scale 'AAA(tha)' For more information on Noble's ratings, see credit update report on Noble, dated 6 February 2013, available at www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com. Contacts: Primary Analyst Lertchai Kochareonrattanakul Senior Director +66 2108 0158 Fitch Ratings (Thailand) Limited Level 17, Park Ventures, 57 Wireless Road, Lumpini, Patumwan, Bangkok 10330 Secondary Analyst Somruedee Chaiworarat Associate Director +66 2108 0160 Committee Chairperson Vicky Melbourne Senior Director +612 8256 0325 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(tha)' for National ratings in Thailand. Specific letter grades are not therefore internationally comparable. Additional information is available at www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com. Applicable criteria, 'Corporate Rating Methodology', dated 8 August 2012, and 'National Ratings Criteria', dated 19 January 2011, are available at www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com.">www.fitchratings.com. Applicable Criteria and Related Research Corporate Rating Methodology http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460 National Ratings Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=595885 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=789242 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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