A leading position in the flavors and fragrance industry; Significant geographic diversification; and Minimal customer concentration. Margin pressure related to rising commodity costs; and More aggressive financial policy as a result of an accelerated share repurchase program in 2007. The ratings on New York City-based International Flavors&Fragrances Inc. (IFF) reflect the company's important and defendable position as an ingredient supplier to consumer products companies worldwide. Geographic diversity is a key rating consideration because 72% of revenues are generated outside North America, somewhat insulating the firm from regional economic weakness. Although competition is intense for the development of new flavors and fragrances and the application of these technologies, IFF has achieved a leadership position within the industry through its
