On Nov. 4, 2004, Standard&Poor's Ratings Services revised International Flavors&Fragrances Inc.'s (IFF) outlook to stable from negative. At the same time, Standard&Poor's affirmed its ratings on the company, including its 'BBB+' long-term and 'A-2' short-term corporate credit ratings. At Sept. 30, 2004, New York, N.Y.-based creator and manufacturer of flavors and fragrances for home products and food and beverage industry had about $728 million of debt outstanding. The revised outlook is based on the company's improved sales and earnings over the past two years, and reduced debt leverage. The ratings on IFF reflect the company's important and defendable position as an ingredient supplier to consumer products companies worldwide. Geographic diversity is a key rating
