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Moody’s revises Avon view to negative
Moody’s Investors Service said it revised the outlook to negative from under review and confirmed the B1 corporate family rating and the B1-PD probability of default rating of Avon Products, Inc.
Concurrently, Moody’s confirmed the B3 rating on the senior unsecured notes issued by Avon and the Ba1 rating of the senior secured notes issued by Avon’s wholly owned subsidiaries Avon International Operations, Inc. and Avon International Capital plc. Moody’s also changed the outlook for subsidiaries to negative.
The rating action concludes the review started on Moody’s on March 31, Moody’s said.
“The negative outlook reflects the execution risk on the turnaround process of Avon,” said Lorenzo Re, a Moody’s vice president, senior analyst and lead analyst for Avon.
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