A leading position in the flavors and fragrances industry Significant geographic diversification Minimal customer concentration Large installed base Flat revenue growth High debt leverage for rating Decreased operating margin over the past several years Highly competitive operating environment The ratings on International Flavors&Fragrances Inc. (IFF) reflect the company's position as a 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 IFF'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 company has achieved a leadership position within the industry
