Hasnain, also Moody's lead analyst for IOI said "IOI's Baa2 rating incorporates our expectations that IOI will take a prudent approach to any investment and shareholder returns, such that it does not materially weaken its credit profile, with adjusted leverage -- as measured by adjusted debt/EBITDA -- remaining below the 3.5 times downgrade trigger on a sustained basis." IOI has thus far not spent any of the RM960mil earmarked for future investments, from the RM3.8bil it received from asset sales in 2018. IOI also reduced its first interim dividend for the fiscal year ended June 2019 (fiscal 2019) to RM220mil from RM283mil in fiscal 2018 in light of weak palm oil prices. "The rating also considers IOI's moderate exposure to environmental, social and governance (ESG) risks as follows," the rating agency said. Firstly, the increasing stakeholder scrutiny around environmental and social risks associated with the palm oil sector.