Moody's: Near-term financing plan for IOI Corp's RM2.49b bond crucial

“IOI’s refinancing strategy is contingent on its investment plans, which are yet to be finalised," Moody's said.

KUALA LUMPUR: IOI Corporation Bhd needs to work out a concrete refinancing plan by September this year for its US$600mil (RM2.49bil) bond, representing around half its reported debt, which has one year left to maturity, Moody’s Investors Service said.

In a statement on Wednesday, it noted IOI Corp’s (Baa2 stable) credit quality will weaken if it is unable to clearly articulate a concrete refinancing plan by September 2021 that would eliminate near-term refinancing risk associated with this large debt maturity.