Moody's rates Revlon notes Caa2

Moody's Investors Service said it assigned a Caa2 rating to the proposed $205 million senior notes offering by Revlon Consumer Products Corp.

In addition, Moody's affirmed Revlon's existing ratings and its negative outlook.

Moody's affirmed Revlon's B3 senior implied rating, B2 rated $160 million senior secured revolving credit facility due 2009, B3 rated $800 million senior secured term loan due 2010, Caa2 rated $116 million 8 1/8% senior notes due 2006 and $76 million 9% senior notes due 2006, Caa3 rated $327 million 8 5/8% senior subordinated notes due 2008, SGL-4 speculative grade liquidity rating and Caa2 senior unsecured issuer rating.

Moody's said the affirmation and assignment of long-term ratings reflect the company's continued operational and financial progress, including the prospective improvement in Revlon's near-term liquidity profile as proceeds from the notes are used to refinance bonds maturing as early as February 2006.

However, Moody's said the continuation of a SGL-4 speculative grade liquidity rating and a Proceeds from the proposed senior notes offering will be used to repay Revlon's existing senior notes and related fees and expenses.

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