A leading position in the flavors and fragrance industry; Significant geographic diversification; Minimal customer concentration; and Adequate liquidity and moderate near-term maturities. Continued weakness in the fine fragrance segment; Margin pressure related to rising commodity costs; and Somewhat weaker credit metrics. The ratings on New York, N.Y.-based International Flavors&Fragrances Inc. (IFF) reflect the company's position as a leading global creator and manufacturer of flavors and fragrances; its geographic diversity, with about 75% of revenues outside North America; adequate liquidity and moderate near-term debt maturities. These factors are partially offset by continued weakness in the fine fragrance segment due to the weak world economy, the company's more aggressive financial policy and weaker credit protection measures since the 2007 accelerated
