Solid market position in the flavors and fragrance industry; Significant geographic diversification with minimal customer concentration; and Good 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 City-based International Flavors&Fragrances Inc. (IFF) reflect Standard&Poor's Ratings Services' view of the company's satisfactory business and intermediate financial profiles. IFF's satisfactory business profile reflects its global, strong presence in the flavor and fragrance industries, solid global client base, and good portfolio diversification (25% of revenues come from North America, while more than 45% come from emerging markets). The company also benefits from positive growth fundamentals for emerging
