The rating on IOI Corp. Bhd. reflects the company's integrated palm oil operations, the favorable age profile of its palm plantations, its sound access to capital markets, and competitive cost position. Industry risks associated with the plantation business, and IOI's increasing exposure to property development partly offset these strengths. We continue to assess IOI's business risk profile as "satisfactory" and its financial risk profile as "intermediate". IOI is a Malaysian palm oil producer. The integration of IOI's plantation business with downstream manufacturing supports the company's business risk profile. More than 90% of IOI's plantation sales are to its downstream facilities. Such integration reduces the company's exposure to volatile CPO prices and provides cash flow stability. IOI's key operating parameters in
