NEW YORK (S&P Global Ratings) May 7, 2019—S&P Global Ratings said today that International Flavors&Fragrances Inc.'s (BBB/Stable/A-2) operating results for the first fiscal quarter ended March 29, 2019 were largely in line with our expectations and started off the year on track to meet S&P Global Ratings' forecast, which includes debt to EBITDA in the low-4x range by fiscal year-end 2019. IFF reported revenue growth of almost 39% year over year, including Frutarom in the first quarter of 2019. Pricing increases and productivity initiatives helped drive operating profitability as raw material cost inflation and unfavorable foreign currency posed challenges. We expect the company to have materially weaker cash flow and leverage ratios with the acquisition in the near
