S&P drops Revlon

Standard & Poor's said it lowered all of its ratings on Revlon Consumer Products Corp., including its corporate credit rating, to CCC+ from B-.

The outlook is negative.

The agency said that the downgrade follows Revlon's announcement that it is substantially lowering its earnings guidance for fiscal 2006 due to the discontinuance of Vital Radiance and continued operating challenges and will seek an amendment to its credit facility.

S&P added that the ratings on Revlon reflect its participation in the highly competitive mass-market cosmetics industry, high leverage and inconsistent operating performance.

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