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S&P lowers Revlon to CCC-
S&P said it lowered its issuer credit rating on Revlon Inc. to CCC- from CCC+. The outlook is negative.
Concurrently, the agency reduced the issue-level rating on the company's senior secured term loan to CCC- from CCC+; the 4 recovery rating remains unchanged.
S&P also lowered the issue-level ratings on the company’s two tranches of senior unsecured notes to CC from CCC; the 5 recovery ratings remain unchanged.
“The downgrade reflects our belief that Revlon Inc.'s operating performance will significantly deteriorate this year, further pressuring Revlon's liquidity,” S&P said in a news release.
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