Dominant player in the flavors and fragrances industry Significant geographic diversification Minimal customer concentration Large installed base Flat revenue growth Certain credit measures are weak for the rating Operating margin has decreased in the past several years Intense competition The ratings for International Flavors&Fragrances Inc. (IFF) reflect the company's position as the leading global creator and manufacturer of flavors and fragrances, and its geographic diversity, with almost 70% of revenues and more than 75% of operating profits generated outside North America. These factors are partially offset by the company's more aggressive financial policy and weaker credit protection measures since the November 2000 acquisition of U.S.-based Bush Boake Allen Inc. (BBA). The acquisition of BBA has augmented IFF's R&D
