NEW YORK (S&P Global Ratings) Nov. 12, 2020--S&P Global Ratings said today its 'BBB' issuer credit rating with a negative outlook on International Flavors&Fragrances Inc. (IFF) is unchanged following IFF's third-quarter earnings call on Nov. 10, 2020. The onset of the pandemic earlier this year has hampered IFF's ability to reduce leverage ahead of its February 2021 targeted acquisition of Nutrition and Biosciences Inc. (N&B) from Dupont De Nemours Inc., which will take pro forma leverage well above 4x. The risk that deleveraging will not meet our expectations continues to be a significant factor behind our ratings and negative outlook on IFF. Below is a summary of our key takeaways from IFF's third-quarter earnings call. The company also
