S&P affirms IOI Corp.

Standard & Poor's said it affirmed Malaysia-based IOI Corp. Bhd.'s BBB+ corporate credit rating. The outlook is stable.

S&P said the ratings reflect the group's above-average financial profile, favorable plantation resource profile, highly competitive cost position and synergy between key business segments. At Dec. 31, total debt to capital was 31.2%, annualized total debt to EBITDA was 2.2x.

Nevertheless, the ratings are constrained by inherent industry risks and excess industry supply in the oleochemical and property segments, the agency said.

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