Fitch rates Avon notes BB+

Fitch Ratings said it has assigned a BB+ rating to Avon Products, Inc.'s $1.5 billion senior unsecured notes issuance with the following tranches: $250 million due in 2016; $500 million due in 2020; $500 million due in 2023; and $250 million due in 2043.

The outlook is stable.

According to the agency, Avon intends to use the net proceeds, together with cash on hand, to refinance upcoming maturities and for general corporate purposes.

Fitch added that the new notes contain a change of control repurchase event provision and interest step-up language.

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