International Flavors&Fragrances Inc.'s (BBB+/Negative/A-2) announcement that its board of directors approved a new $100 million share buyback program, to be completed in the next 18 to 24 months, will not affect Standard&Poor's current ratings or outlook on the company. The company's existing $100 million share repurchase authorization is nearly complete. Standard&Poor's expects that free cash flow generated in this time horizon will enable International Flavors&Fragrances to repurchase shares under the new program, pay dividends in line with historical levels, and achieve its capital spending goals with no increase in debt.
