International Flavors&Fragrances Inc. (IFF) profits have strengthened over the last few quarters on improved operating execution and a reversal in industry de-stocking trends. The company's improved profitability, combined with its commitment to debt reduction through asset sales and a reduced dividend, have helped it improve its credit measures faster than we expected. We expect this positive momentum will continue, enabling IFF to organically reduce its leverage below 4x in 2025. The pending sale of the company's Pharma Solutions business will also support further deleveraging, likely to near 3x, before the end of 2025. S&P Global Ratings revised its outlook on IFF to stable from negative and affirmed its 'BBB-' issuer credit rating. The stable outlook reflects our expectation
