On March 14, 2008, Standard&Poor's Ratings Services affirmed the '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 Standard&Poor's concerns on the company's more aggressive approach to growth and acquisitions, with significant leveraged investments in overseas higher-end property development. Although the impact of these investment plans on the group's financial profile has been partially alleviated by the
