Moody’s rates IOI notes Baa2

Moody’s Investors Service said it assigned a Baa2 backed senior unsecured rating to the notes to be sold under IOI Investment (L)Bhd.’s medium-term note program. The notes are guaranteed by IOI Corp. Bhd. and will rank pari passu with all of IOI Corp.’s senior unsecured obligations.

"The proceeds from the proposed notes issuance will help IOI alleviate refinancing risk associated with its $600 million notes due in June 2022, while allowing it to maintain strong liquidity," said Maisam Hasnain, a Moody's vice president, senior analyst and lead analyst for IOI, in a press release.

Concurrently, Moody’s affirmed IOI Corp.’s Baa2 rating, IOI Investment’s Baa2 backed senior unsecured bond ratings and the Baa2 backed senior unsecured bank credit facility rating of IOI Ventures (L) Bhd.

The outlook is stable.

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