International Flavors&Fragrances Inc. Ratings Affirmed On Solid Profitability; Outlook Stable

U.S.-based International Flavors&Fragrances Inc. (IFF) continues to generate satisfactory profitability despite slowing global growth and continued currency headwinds. S&P Global Ratings expects the company will continue to make acquisitions and return cash to shareholders, and assumes that credit ratios will gradually weaken over the next two years in line with our forecast. We are affirming all of our ratings on IFF, including our 'BBB+' long-term and 'A-2' short-term corporate credit ratings. We have also updated our outlook statement to reflect revised parameters for potential rating actions. The stable outlook reflects our expectation that IFF's profitability and cash flows will remain solid, despite our forecast that credit ratios will weaken over the next two years, including debt to EBITDA

...+ U.S.-based International Flavors & Fragrances Inc. (IFF) continues to generate satisfactory profitability despite slowing global growth and continued currency headwinds. + S&P Global Ratings expects the company will continue to make acquisitions and return cash to shareholders, and assumes that credit ratios will gradually weaken over the next two years in line with our forecast. + We are affirming all of our ratings on IFF, including our '###+' long-term and 'A-2' short-term corporate credit ratings. We have also updated our outlook statement to reflect revised parameters for potential rating actions. + The stable outlook reflects our expectation that IFF's profitability and cash flows will remain solid, despite our forecast that credit ratios will weaken over the next two years, including debt to EBITDA in the mid-2x area, compared with the high-1x area as of March 31, 2016. CHICAGO (S&P Global Ratings) July 26, 2016--S&P Global Ratings affirmed all of its ratings on New York City-based...

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