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S&P downgrades Revlon
S&P said it lowered its corporate credit rating on Revlon Inc. to CCC+ from B-.
The outlook is stable.
In addition, the agency lowered the issue-level rating on the company's $1.8 billion term loan B to CCC+ from B-. The 3 recovery rating remains, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.
Concurrently, S&P lowered the issue-level rating on the company's $500 million notes due 2021 and $450 million notes due 2024 to CCC from CCC+. The recovery rating on both remains 5, reflecting an expectation for modest (10%-30%; rounded estimate: 15%) recovery.
“Our action reflects our belief that Revlon's operating performance will remain weak and that debt leverage will remain very high at roughly 9x in the upcoming year,” the agency said in a news release.
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