S&P rates Revlon loan CCC+

Standard & Poor's said it assigned its loan and recovery ratings to Revlon Consumer Products Corp.'s new $840 million senior secured term loan due 2012, noting that the loan rating is CCC+ with a recovery rating of 2.

At the same time, S&P said it affirmed its existing ratings on Revlon, including the CCC+ corporate credit rating.

The outlook is negative.

In addition to the proposed term loan facility, Revlon also announced that it intends to increase the size of its previously planned $75 million rights offering to $100 million, the agency noted.

According to S&P, the CCC+ rating on Revlon reflects the company's participation in the highly competitive mass-market cosmetics industry, a highly leveraged capital structure and inconsistent operating performance.

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