The ratings for International Flavors&Fragrances (IFF) reflect the company's position as the leading global creator and manufacturer of flavors and fragrances used in a wide variety of consumer products, partially offset by the company's more aggressive financial policy and weaker credit protection measures pro forma for the November 2000 acquisition of U.S.-based Bush Boake Allen (BBA). In addition, there is a degree of integration risk associated with the acquisition, given its large size in relation to IFF. The business profile benefits from geographic diversity, as about 68% of sales and 83% of operating profits were generated outside of North America in 2000. Furthermore, fiscal 2001 international revenues and operating profits are expected to grow in relation to consolidated
