The ratings on New York, N.Y.-based International Flavors&Fragrances Inc. (IFF) reflect the company's position as a leading global creator and manufacturer of flavors and fragrances; its geographic diversity, with about 75% of revenues outside North America; adequate liquidity and moderate near-term debt maturities. These factors are partially offset by continued weakness in the fine fragrance segment due to the weak world economy, the company's more aggressive financial policy and weaker credit protection measures since the 2007 accelerated share repurchase. Although competition is intense for new flavor and fragrance development, and the application of these technologies, IFF has achieved a leadership position in the industry through its research and development (R&D) expertise (about 8%-9% of revenues). R&D is a
