S&P drops Revlon to D

S&P said it cut Revlon Inc.’s issuer rating to D from CCC-, Revlon Brandco debt to D from CCC, the RemainCo senior secured debt to D from CC and the senior unsecured notes to D from C.

“We lowered our issuer credit and issue-level ratings on Revlon Inc. to D because the company and certain of its subsidiaries and affiliates filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code in New York. Revlon filed for bankruptcy to address its high debt burden of $3.4 billion and its annual interest costs of $260 million, which have constrained its liquidity position,” S&P said in a press release.

The company is seeking debtor-in-possession financing.

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