S&P cuts Revlon to CC

S&P said it downgraded all its ratings for Revlon Inc. to CC from CCC-, after the company said it was seeking a recapitalization transaction to extend its $1.8 billion term loan, term out its $200 million unrated term loan and improve its liquidity.

“We believe the proposed transaction, once completed, will be tantamount to a default on the 2016 term loan because we would view it as a distressed restructuring given the company's weak operating performance, negative cash flow generation, and near-term debt maturities,” the agency said in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.