The ratings on New York-based International Flavors&Fragrances Inc. (IFF) reflect our view the company will continue to maintain a "satisfactory" business risk profile, based on its continued strong global presence in the flavor and fragrance industries, solid global client base, and good portfolio diversification. We expect IFF to continue to maintain an "intermediate" financial risk profile, based on our view the company will continue to retain a moderate financial policy and "strong" liquidity. We expect credit measures at the stronger side of key indicative ratios of its financial risk descriptor, including total debt to EBITDA between 2x and 3x and funds from operations to total debt between 20% and 30%. We expect profitability to remain solid over the
