CHICAGO (Standard&Poor's) March 7, 2016--Standard&Poor's Ratings Services today assigned its 'BBB+' issue-level rating to New York-based International Flavors&Fragrances Inc.'s (IFF) proposed euro-denominated senior unsecured notes, which will be drawn off the company's shelf registration statement filed March 2, 2016. We expect the net proceeds from the offering will be used to repay at maturity IFF's $125 million notes due July 12, 2016 (not rated), to repay borrowings under the company's revolving credit facility, and for general corporate purposes. As of Dec. 31, 2015, IFF had $1.07 billion debt outstanding. All of our existing ratings on IFF, including our 'BBB+' corporate credit rating, are unchanged. The outlook is stable. Our ratings on IFF reflect the
