MARKET DEVELOPMENT
Moody's Continues Review Of IOI For Downgrade
Moody's Continues Review Of IOI For Downgrade
09/09/2014 (Bernama) - Moody's Investors Service will continue to place the Baa2 issuer rating and senior unsecured bond ratings of IOI Corporation Bhd (IOI) on review for a possible downgrade.
The senior unsecured bonds are issued by IOI Investments (L) Bhd and IOI Ventures (L) Bhd, which are wholly-owned subsidiaries of IOI which is headquartered in Malaysia and listed on Bursa Securities Malaysia.
In a statement, the rating agency said Moody's placed the Baa2 rating on IOI on review for a downgrade on July 10 after IOI declared a second interim dividend worth RM762 million, 41 per cent higher than the previous year, to be paid on July 25, 2014.
The review process will be concluded once the audited financial statements for the year ended June 30, 2014 and any further information regarding the prospects for the company is received.
Moody's anticipated the review would be completed by October.
The company, with a market capitalisation of RM30.6 billion is involved in oil palm plantation and resource-based manufacturing, including oleochemicals, as well as, specialty oils and fats
The senior unsecured bonds are issued by IOI Investments (L) Bhd and IOI Ventures (L) Bhd, which are wholly-owned subsidiaries of IOI which is headquartered in Malaysia and listed on Bursa Securities Malaysia.
In a statement, the rating agency said Moody's placed the Baa2 rating on IOI on review for a downgrade on July 10 after IOI declared a second interim dividend worth RM762 million, 41 per cent higher than the previous year, to be paid on July 25, 2014.
The review process will be concluded once the audited financial statements for the year ended June 30, 2014 and any further information regarding the prospects for the company is received.
Moody's anticipated the review would be completed by October.
The company, with a market capitalisation of RM30.6 billion is involved in oil palm plantation and resource-based manufacturing, including oleochemicals, as well as, specialty oils and fats