Moody's upgrades Avon

Moody's Investors Service said it upgraded Avon Products, Inc.'s corporate family rating and the ratings of its senior unsecured notes to Ba3 from B1. The agency changed the outlook to stable from negative.

“The upgrade of Avon's ratings to Ba3 from B1 follows several pieces of evidence over the past few months of stronger support from the parent Natura & Co Holding SA (Natura) to Avon. As an example, Natura has provided intercompany loans to Avon including a $960 million to pay Avon's outstanding notes due 2022,” Moody’s said.

The agency said Natura’s financial support eliminates liquidity and leverage risks leading to the change in outlook.

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