NEW YORK (Standard&Poor's CreditWire) Nov. 9, 2000--Standard&Poor's today lowered its long-term corporate credit and senior unsecured debt ratings for International Flavors&Fragrances Inc. (IFF) to triple-'B'-plus from single-'A'. In addition, the company's short-term corporate credit and commercial paper ratings were lowered to 'A-2' from 'A-1'. These rating actions are in line with Standard&Poor's previously stated intentions. All ratings are removed from CreditWatch, where they were placed with negative implications on Sept. 26, 2000. The outlook is negative. Approximately $1.2 billion in total debt is expected to be outstanding at Nov. 9, 2000. The downgrade follows the company's announcement that it has gained the necessary shareholder and regulatory approvals to complete its $970 million
