"The asset impairment significantly heightens uncertainty regarding its ability to achieve adequate profitability and cash flow, given our expectation of a prolonged commodity down-cycle, and the consequent negative impact on its relationships with banks and counterparties," added Morrison. The rating review reflects concerns regarding progress in resolving its liquidity issue as well as the consequences of the impairment charges, Moody's added. Although Noble's sale of Noble Agri will improve the company's liquidity profile, its liquidity position will "remain constrained" until it refinances approximately $1.6 billion in bank facilities due in May, the ratings agency said.