Noble Group the majority owner of Jamaican alumina plant, Jamalco, has been hit with a rating cut by Fitch.
Fitch says a default by Noble now appears probable,
It cut the Hong Kong-based commodity trader's credit rating, adding further pressure on executives as they seek to hammer out fresh terms with their lenders.
Fitch cut the trader to CC from CCC, deeper into junk territory.
The crisis at Noble Group has intensified this month as the company posted another US$1 billion-plus loss, opened talks on restructuring more than US$3 billion in bonds and loans and saw its shares sink to the lowest since 1999.
The trader is seeking to extend repayment deadlines on its debt by as much as five years.
While the company has been offloading assets to raise funds, there's gathering speculation it still won't be able to meet its obligations.
Noble owns 55 percent of Jamalco with the remaining 45 percent held by the Government.
News came earlier this week that Noble could sell its stake in the company or use it as collateral.
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