International Flavors&Fragrances Inc. (IFF) has closed on the divestiture of its Pharma Solutions segment, with estimated net disposal proceeds of $2.3 billion. Following this divestiture, the company announced several tender offers for a series of its senior unsecured notes totaling up to $1.8 billion that will reduce its pro forma S&P Global Ratings-adjusted debt to EBITDA to about 3.3x (below 3.0x on a company-defined basis), which is consistent management?s publicly stated leverage target. Therefore, S&P Global Ratings revised its outlook on IFF to positive from stable and affirmed all of its ratings, including our ?BBB-? issuer credit rating. The positive outlook reflects our expectation that the company will sustain leverage of below 3.5x as it continues to improve
