...- International Flavors & Fragrances Inc. (IFF) has filed a registration statement for the shares of common stock it intends to issue for its merger with Nutrition & Biosciences Inc. (N&B), currently a wholly owned subsidiary of DuPont de Nemours Inc. - The mix of debt and equity financing remains largely unchanged from when the company first announced the merger in December 2019, as is the stand-alone financial performance of N&B presented in the registrations statement. S&P Global Ratings expects the merger to result in debt to EBITDA of more than 4x when the transaction closes, likely in the first quarter of 2021. - We are affirming all ratings, including the '###' issuer credit rating on the company, and removing them from CreditWatch, where they were placed with negative implications on Dec. 16, 2019. - The outlook is negative, reflecting the possibility that leverage might remain above 4x on a sustained basis if the company faces challenges integrating N&B, if COVID-19-driven cost...
