...August 8, 2023 This report does not constitute a rating action. CHICAGO (S&P Global Ratings) Aug. 8, 2023--S&P Global Ratings said today that International Flavors and Fragrances Inc.'s (IFF) fiscal 2023 leverage will likely be elevated compared to our expectations following its weaker than expected second-quarter results and revised guidance. Our ratings and outlook on IFF (###-/Negative/A-3) are unchanged based on its continued commitment to achieve company-defined leverage of 3x by the end of 2024 through asset divestitures and our expectation for improved profitability in 2024. At the same time, we now believe there is less cushion to our downside triggers. Its deleveraging path will likely be delayed because of continued weakness in the second half of 2023 and it may rely more on divestitures to meet its targets. We previously expected the company would finish fiscal 2023 with S&P Global Ratings-adjusted leverage in the low-4x area, but it will likely be elevated absent further asset...
