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 just more than 75% of revenues outside North America; adequate liquidity; and moderate near-term debt maturities. These factors are partially offset by 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 expect that with the new CEO (who assumed the role in March 2010) there will be more stability in top management. Although
