International Flavors&Fragrances (IFF) has improved its key credit measures in recent years thanks to good operating performance and debt reduction. We are raising our long-term corporate credit and senior unsecured issue ratings on the company to 'BBB+' from 'BBB', and affirming our 'A-2' short-term ratings. The outlook is stable. Although we expect IFF will continue to maintain higher levels of capital spending to support its growth initiatives, we believe IFF will remain solidly profitable, enabling the company to reduce leverage and further improve its cash flow metrics. On July 12, 2013, Standard&Poor's Ratings Services raised its long-term corporate credit and senior unsecured debt issue ratings on New York, N.Y.-based International Flavors&Fragrances Inc. (IFF) to
