S&P puts Avon on watch

Standard & Poor's said it placed its A corporate credit rating on Avon Products Inc. on CreditWatch with negative implications due to its concerns about the company's ability to improve credit measures closer to the medians for the current A rating.

Despite reporting improved sales and operating trends for the quarter ended in December, Avon's credit metrics, including margins, leverage and funds from operations, are still below S&P's expectations, the agency said. S&P estimates that leverage was close to 2 times and funds from operations to total debt was about 30% for the year ended Dec. 31.

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