The rating on IOI Corp. Bhd. reflects the Malaysia-based integrated palm-oil company's favorable palm plantation age profile, intermediate financial risk profile, sound access to capital markets, and competitive cost position. The industry risks associated with the plantation business, and IOI's increasing exposure to property development partly offset these strengths. More than 70% of IOI's plant's are in the prime stage--the period in which a plant's fruit-bearing ability is the highest. The company's key operating parameters such as yield per mature hectare and oil extraction rates for crude palm oil (CPO) and palm kernel are better than the industry average. This helps IOI to maintain its competitive cost position. We expect CPO prices to remain high due to lack of palm