International Flavors&Fragrances Inc. (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. Solid and steady credit metrics, including leverage under 2x. Good cash flow generation and strong liquidity. The stable outlook reflects Standard&Poor's Ratings Services' view that the company will maintain its credit measures over the next two years (including leverage below 2x and funds from operations (FFO) to total debt above 35%) because of its good operating efficiency and its growing emerging markets business. We could consider a lower rating in the event that the company pursues shareholder-friendly
