Moody's boosts Revlon

Moody's Investors Service said it upgraded Revlon Consumer Products Corp.'s corporate family rating to B2 from B3 and its speculative-grade liquidity rating to SGL-2 from SGL-3.

The outlook is stable.

The corporate family rating upgrade to B2 reflects both Revlon's sustained operating and financial improvements despite the ongoing challenges of the macroeconomic environment as well as its ability to stabilize its market share position for the company's core Revlon brand as a result of a series of successful new product introductions, the agency noted.

"While competitive activity for mass market cosmetics remains very high, Revlon's improved cost structure and debt profile should provide the company with sufficient financial flexibility needed to sustain market share in its core global brands while generating acceptable levels of profitability through ongoing investments in new product development," said Moody's vice president and senior credit officer, Janice Hofferber.

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