The ratings on New York, N.Y.-based International Flavors&Fragrances Inc. (IFF) reflect Standard&Poor's Ratings Services' view that the company maintains a satisfactory business risk profile, primarily based on the company's established market position as a global creator and manufacturer of flavors and fragrances. The ratings also reflect IFF's intermediate financial risk profile, based on our view of the company's adequate liquidity, moderate financial policy, and improving credit protection measures. We believe IFF maintains a strong market position within the flavors and fragrances industry segments. Although competition is intense for new flavor and fragrance development, and the application of these technologies, we believe IFF benefits from its research and development (R&D) expertise (about 8% to 9% of revenues).
