Moody's affirms IOI

Moody's Investors Service said it affirmed IOI Corp. Bhd.'s issuer rating and senior unsecured bond rating of Baa1.

The outlook remains stable.

Moody's said the affirmation follows IOI's decision to withdraw from the acquisition of 12,000 hectares of oil palm plantation initially entered into in July. At the same time, IOI will retain the $330 million five-year syndicated loan arranged for the acquisition.

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