SINGAPORE (Standard&Poor's) March 14, 2008--Standard&Poor's Ratings Services today affirmed its 'BBB+' corporate credit rating on Malaysian palm oil producer IOI Corp. Bhd. The outlook is negative. The corporate credit rating and the 'BBB+' senior unsecured foreign currency issue rating were removed from CreditWatch with negative implications, where they were placed on Nov. 19, 2007, after IOI Corp.'s announcement on issuing US$600 million in bonds to fund its expansion, working capital, and potential acquisition plans. "The negative outlook reflects our concerns on the company's more aggressive approach to growth and acquisitions, with significant leveraged investments in overseas higher-end property development," said Standard&Poor's credit analyst Joey Chew. Although the impact of these investment plans on the
