Our 'BBB+' rating on International Flavors&Fragrances Inc. (IFF) is derived from: Our anchor of bbb+, based on our "strong" business risk and "intermediate" financial risk profile assessments for the company. The modifiers had no impact. IFF maintains its good market position within the competitive global flavors and fragrances industry. The company benefits from its good geographic diversification and emerging market growth. Solid EBITDA margins in the low-20% area. Prudent financial policy. Steady credit metrics, including leverage under 2x. Good cash flow generation and strong liquidity. The stable outlook reflects our view that the company will maintain its credit measures over the next two years (including leverage at or below 2x and funds from operations (FFO) to total debt