S&P: No change for IOI

Standard & Poor's said that IOI Corp. Bhd.'s announcement on the proposed capital repayment by cancelling one IOI Corp. share for every 20 existing shares will not have any impact on the BBB+ ratings or stable outlook and its foreign-currency notes and term loan.

S&P said it continues to expect the group to focus on organic growth and consolidation of its various acquisitions. While IOI Corp. may embark on new acquisitions, the agency said it expects these to be funded in line with the group's conservative debt structure in the near- to medium-term, with credit metrics remaining consistent with the current rating. This is in view of the proposed capital repayment, which will leave modest room for any significant increase in debt, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.