Moody's ups IOI outlook to stable

Moody's Investors Service said it affirmed the Baa1 issuer rating of IOI Corp. Bhd. as well as of the senior unsecured bonds and loans issued by IOI Ventures (L) Bhd. and which are guaranteed by IOI.

At the same time, Moody's changed the outlook to stable from negative.

"IOI has improved its management of currency risk by terminating its structural foreign exchange derivative transactions, and it now only maintains those currency and interest rate swaps that hedge its borrowings. Additionally, it has strengthened its management of credit sales to minimize its bad debt," said Peter Choy, a Moody's vice president and senior credit officer, in a news release.

"Such changes have, in turn, provided more stability to its financial position, and have supported the change in its ratings outlook."

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