S&P raises Revlon

Standard & Poor's said it raised its corporate credit rating on Revlon Consumer Products Corp. to B- from CCC+.

The agency said it also raised the ratings on Revlon's $840 million senior secured term loan due 2012 to B from B- while the recovery rating on this loan remains 2.

In addition, the agency said it raised the ratings on Revlon's 9.5% senior unsecured notes to CCC+ from CCC, although the five recovery rating on these notes is also unchanged.

S&P said it removed all debt ratings from Creditwatch with positive implications, where they were placed on Aug. 7, following the company's continued sales and EBITDA improvement despite challenging economic conditions, primarily due to higher global shipments of Revlon color cosmetics and improved operating efficiency.

The outlook is stable.

S&P said that the upgrade reflects Revlon's enhanced financial profile, primarily attributed to sustained improvement in the company's profitability, recent positive cash flow generation, and stronger credit protection measures.

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