Moody's rates Revlon loan

Moody's Investors Service said it assigned a B2 rating to Revlon Consumer Products Corp.'s new $160 million senior secured revolving credit facility due 2009 and assigned a B3 rating to the company's new $750 million senior secured term loan facility due 2010.

In addition, Moody's affirmed Revlon's B3 senior implied rating, upgraded its speculative grade liquidity rating to SGL-3 from SGL-4, downgraded its senior unsecured notes to Caa2 from Caa1, and downgraded its senior subordinated notes to Caa3 from Caa2.

The outlook remains negative.

Moody's said the rating actions, which follow Revlon's announcement of a signed, fully-committed refinancing agreement, reflect Revlon's improved near-term liquidity position, but also recognize the company's persistent intermediate-term liquidity concerns and its exposure to what remains a challenging mass cosmetics market.

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