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S&P may upgrade Revlon
Standard & Poor's said it placed the CCC+ corporate credit rating on Revlon Consumer Products Corp. on CreditWatch with positive implications.
The watch follows the company's continued sales and EBITDA improvement despite challenging economic conditions, due to higher global shipments of Revlon color cosmetics and improved operating efficiency, according to the agency.
The issuer's adjusted leverage fell to just below 5.5 times, compared with adjusted leverage in excess of 8 times at the end of fiscal 2006.
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