I see this as 5-5 or 5.5-4.5 Makoto. Makoto can just play defensive if she isn't up close. I think the ability to parry will decide this matchup, as most of Noel's normals are about the right distances to which Makoto can expect. Space loop hurts, since ending in oki can lead to setups for a loop reset or a baited 5D to get parried. She can also stuff air dashes and whiffed moves with Big Bang Smash, so be mindful when Makoto gets 50 Heat.
On the flipside, Noel has 5C, which is pretty hard to parry, and her drives still go through Makoto's if they just throw them out there carelessly. 6A can actually be usable here since Makoto's aerials are kinda slow, but her jump is kinda odd so it may take some spacing. Haida looping her is pretty weird, but just getting knockdown and damage should be good. Makoto's wakeups can include Asteroid Visions, Corona Upper (her dp), and Big Bang Smash. Just bait these out and punish.