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. We are concerned by the turnover at the CEO level over the last several years and hope that with the new CEO, beginning in March 2010, there will be some stability in top management. Although competition is intense for
