Noble will finally become cash flow-positive in 2H, says Fitch

Dwindling credit facilities aren't alarming.

Noble Group's operating cash flow was in the red in the first six months of 2015, but Fitch Ratings believes that the beleaguered company will become cash-flow positive in the second half of the year.

Fitch said that Noble's will turn cash-flow positive on back of its increased working capital, which reached a record high of USD6.89bn in Q2.

The report also said that Noble's dwindling credit facilities--the lifeblood of commodity traders--is in line with the company's business strategy shift to an asset light model.

"Management cut its bank facilities by USD1.8bn in 2Q15 as a result of the change to an asset-light business model following the Noble Agri stake sale and this will help cut its finance expenses," Fitch said.

Noble's balance-sheet structure remains stable, said Fitch.