On Oct. 3, 2007, Standard&Poor's Ratings Services lowered its corporate credit rating on International Flavors&Fragrances Inc. (IFF) to 'BBB' from 'BBB+'. At the same time, we affirmed the 'A-2' short-term commercial paper rating on the company. Also, we removed all the ratings from CreditWatch, where they were placed with negative implications on July 26, 2007, following the company's announcement that it approved a new $750 million share repurchase program, most of which would be completed in fiscal 2007 and funded from cash flow and incremental borrowings. The outlook is stable. Approximately $805 million of funded debt was outstanding as of June 30, 2007. The downgrade is based on the company's more aggressive financial policy and weaker
