Fitch: Avon files amendment

Fitch Ratings said it updated its analysis on the differences in Avon Products, Inc.'s debt-holder protection measures.

Avon Products filed the first amendment to the $535 million of privately placed notes issued in November 2010 in an 8-K on Aug 20, Fitch said. The amendment fleshes out the terms previously disclosed by the company.

However, some terms in the amendment widen the difference between various unsecured notes previously noted, the agency said.

Avon currently has a long-term issuer default rating of BBB-, bank credit facilities rating of BBB-, senior unsecured notes rating of BBB-, short-term issuer default rating of F3 and commercial-paper program rating of F3.

Avon Capital Corp. has a short-term issuer default rating of F3 and commercial-paper rating of F3.

The outlook is negative.

Covenants can improve further, Fitch said.

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