On July 26, 2007, Standard&Poor's Ratings Services placed its ratings (including its 'BBB+' long-term corporate credit and 'A-2' short-term corporate credit and commercial paper ratings) on New York City-based International Flavors&Fragrances Inc. on CreditWatch with negative implications. Approximately $812 million of debt was outstanding as of March 31, 2007. The CreditWatch listing is based on the company's announcement that it has approved a new $750 million share-repurchase program expected to be completed over a two-year period. A significant portion of the buyback will be completed through an accelerated share-repurchase program this year. The new authorization replaces the company's existing $300 million repurchase authority which is 60% completed. Funding for the new program will be from existing
