Solid market position in the overall stable flavor and fragrances industry; Good geographic diversity; Track record of stable and consistent profit generation, notwithstanding some volatility in fine fragrances; and Exposure to input cost and foreign-exchange fluctuations. Highly acquisitive, albeit for largely bolt-on sized acquisitions; and Expectation for debt to EBITDA to remain below 2.5x despite using free cash flows and modest incremental debt increases for acquisitions and share repurchases. S&P Global Ratings' stable outlook reflects the expectation that New York City-based International Flavors&Fragrances Inc.'s (IFF) profitability and cash flows will remain solid, and that leverage, which increased from recent bolt-on acquisitions, will remain between 2x-2.5x primarily as a result of the company's continued appetite for acquisitions and shareholder
