S&P rates Revlon notes CCC

Standard & Poor's said it affirmed its ratings on Revlon Consumer Products Corp., including its B- corporate credit rating.

S&P also affirmed Revlon's B- senior secured bank loan rating and CCC senior unsecured debt and senior subordinated debt ratings.

At the same time, S&P assigned a CCC senior unsecured debt rating to Revlon's planned $205 million senior unsecured note offering due 2011. The outlook is negative.

Proceeds from the $205 million senior unsecured note offering will be used primarily to repay about $192 million of debt due in 2006.

S&P said the rating on Revlon reflects its participation in the highly competitive mass-market cosmetics industry, its high leverage, and its inconsistent operating history.

Total debt to EBITDA was 6.9x in 2004 compared with more than 14x in fiscal 2002.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.