S&P puts Revlon on positive watch

Standard & Poor's said it placed the B- corporate credit rating of Revlon Consumer Products Corp. and its issue-level ratings on CreditWatch with positive implications following Revlon Inc.'s announcement that it completed its offer to stockholders (other than MacAndrews & Forbes Holdings Inc. and its affiliates) to exchange, on a voluntary basis, its class A common stock for newly issued shares of Revlon preferred stock.

The consummation of this exchange offer extended the maturity of the senior subordinated term loan owed to MacAndrews & Forbes by Revlon Consumer Products, meaning the company will not have any scheduled debt maturities until 2011.

S&P said it also believes the company's operating and financial trends have improved from historical levels.

To resolve the CreditWatch listing, the agency will focus on the underlying business trends, the effect of foreign-exchange exposure and the company's operating and financial policies.

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