The ratings on New York City-based International Flavors&Fragrances Inc. (IFF) reflect Standard&Poor's Ratings Services' view the company will continue to maintain a "satisfactory" business risk profile and an "intermediate" financial risk profile (as our criteria define these terms). IFF's satisfactory business profile reflects its continued strong global presence in the flavor and fragrance industries, solid global client base, and good portfolio diversification. We expect the company will further benefit from positive growth fundamentals for emerging economies over the next several years, partly stimulated by IFF's ongoing innovation in its portfolio, with about 8% of net revenues invested in research and development (R&D) annually. The company continues to face high exposure to volatile commodity prices, which constitutes
