A leading position in the flavors and fragrance industry; Significant geographic diversification with minimal customer concentration; and Adequate liquidity and moderate near-term maturities. Performance volatility in the fine fragrance segment; Some sensitivity to weaker economic conditions; and Margin pressure related to commodity cost volatility. 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 just more than 75% of revenues outside North America; adequate liquidity; and moderate near-term debt maturities. These factors are partially offset by weakness in the fine fragrance segment due to the weak world economy, the company's more aggressive financial policy and weaker credit protection measures
