Moody's changes Avon view to negative

Moody's Investors Service said it changed Avon Products, Inc.'s outlook to negative from stable and affirmed the Baa3 senior unsecured and other ratings.

The negative outlook reflects Moody's view that competitive, economic and structural headwinds will create challenges for Avon to stem revenue erosion and quickly execute its turnaround strategy.

Moody's said it is concerned that these challenges are creating pressure on cash flow notwithstanding the company's ongoing efforts to improve operating effectiveness and streamline its cost structure.

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