trending Market Intelligence /marketintelligence/en/news-insights/trending/JhOYKnPgc9PJEIwhkmdz1A2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Moody's cuts International Flavors & Fragrances outlook after DuPont unit deal

Essential Energy Insights July 2020 - Issue 2

As COVID-19 Wears On, Regulators Examine Moratorium Extensions, Cost Recovery

Q&A Credit Risk Perspectives Series: COVID-19 Credit Risks and Recovery for Supply Chains

Assessing ESG Profiles And Returns Against The Broader High-Yield Sector

Moody's cuts International Flavors & Fragrances outlook after DuPont unit deal

Moody's revised the outlook on International Flavors & Fragrances Inc., or IFF, to negative from stable, following the announcement of a $26.2 billion merger with DuPont de Nemours Inc.'s nutrition and biosciences arm.

The rating agency said the outlook reflects the significant size of the transaction, the lack of stable growth at DuPont's unit and integration risks, having previously acquired Frutarom Industries Ltd.

IFF is yet to attain the synergy target of $145 million in connection with the acquisition of Frutarom, which was completed in October 2018.

Run-rate based cost synergies are estimated at about $300 million by the end of the third year after the nutrition and biosciences unit's deal is closed, but Moody's estimated cost to attain that target at $355 million.

The proposed transaction could also increase debt levels, the rating agency said.

Meanwhile, the rating agency affirmed the company's issuer and senior unsecured regular bond/debenture ratings at Baa3, assuming the company will deleverage prior to the close of the transaction.