Moody's cuts Revlon to SGL-4

Moody's Investors Service said it affirmed the existing long-term debt ratings of Revlon Consumer Products Corp., but maintained a negative outlook following the company's report of challenging sales and market share trends into the second half of fiscal 2004.

Moody's affirmed Revlon's senior implied rating at B3, $160 million senior secured revolving credit facility due 2009 at B2, $800 million senior secured term loan facility due 2010 at B3, $116 million 8 1/8% senior notes due 2006 and $76 million 9% senior notes due 2006 at Caa2, $327 million 8 5/8% senior subordinated notes due 2008 at Caa3 and senior unsecured issuer rating at Caa2.

Moody's said Revlon's top-line difficulties heighten its liquidity pressures, given debt-refinancing requirements by the end of October 2005. As such, Moody's has downgraded the company's speculative grade liquidity rating to SGL-4 from SGL-3.

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