Favorable plantation resources Highly competitive cost position due to strong integration between the plantation and resource-based manufacturing businesses Inherent industry risk in the plantation and property businesses Fairly aggressive financial policies The rating on Malaysia-based palm oil producer IOI Corp. Bhd. reflects the company's favorable plantation resources, intermediate financial risk profile, and strong competitive cost position. These strengths are largely due to the synergy between IOI's key business segments, given that more than 90% of the company's plantation sales are to its own downstream facilities. However, these strengths are partly offset by the cyclical nature of its plantation and property businesses and the company's fairly aggressive stance to debt-funded expansions and acquisitions in the past. We believe the company will
