A leading position in the flavors and fragrance industry; Significant geographic diversification; and Minimal customer concentration. Margin pressure related to rising commodity costs; and A more aggressive financial policy as a result of an accelerated share repurchase program in 2007. The ratings on New York, N.Y. -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 IFF generates 72% of revenues outside North America, somewhat insulating it from regional economic weakness. Although competition is intense for new flavor and fragrance development, and the application of these technologies, IFF has achieved a leadership position in the industry through its research
