International Flavors&Fragrances' (IFF's) credit metrics have improved thanks to solid operating performance and debt reduction. We believe continued steadiness in operating performance and stronger cash flow generation should further improve the group's financial flexibility. We are revising our outlook to positive from stable and affirming our 'BBB' long-term and 'A-2' short-term ratings on IFF. The positive outlook reflects the possibility that we could raise the rating if the company maintains leverage below 2x despite increased capital spending to fund its growth initiatives, based on our expectation the company's financial policy will continue to be moderate. On July 9, 2012, Standard&Poor's Ratings Services revised the outlook on New York City-based International Flavors&Fragrances Inc. (IFF) to
