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S&P drops Revlon to SD
S&P said it downgraded Revlon Inc. to SD from CC and lowered the rating on its 2016 term loan to D from CC.
“The downgrade reflects the completed refinancing of Revlon Inc.'s 2016 term loan. We consider the transaction to be a distressed exchange, given the company's poor operating performance over the past few years, historically negative free cash flow generation, sizable near-term debt maturities, very high leverage, heightened risks and uncertainty stemming from coronavirus-related containment measures and the distressed debt trading levels on its 2016 term loan,” S&P said in a press release.
If Revlon uses a portion of the refinancing proceeds to buy back its 5¾% notes, S&P said it would lower the rating to D from C given the notes’ distressed trading price.
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