NEW YORK (Standard&Poor's) Nov. 4, 2004--Standard&Poor's Ratings Services revised its outlook on International Flavors&Fragrances Inc. (IFF) to stable from negative. At the same time, Standard&Poor's affirmed its ratings on the company, including its 'BBB+' long-term and 'A-2' short-term corporate credit ratings. At Sept. 30, 2004, New York, N.Y.-based creator and manufacturer of flavors and fragrances for home products and food and beverage industry had about $728 million of debt outstanding. "The revised outlook is based on the company's improved sales and earnings over the past two years, and reduced debt leverage," said Standard&Poor's credit analyst Patrick Jeffrey. Revenue growth improved 10% in the first nine months of 2004, with strength
