Fitch downgrades Avon, loans, notes

Fitch Ratings said it downgraded Avon Products, Inc.'s issuer default rating to BB- from BB.

The outlook is negative.

The agency also downgraded the ratings on Avon's credit facility, term loan notes and senior unsecured notes to BB- from BB and assigned recovery ratings of RR4.

Fitch said the downgrade reflects that two of Avon's key operating metrics, representative count and volume growth, continue to trend negatively through the first quarter of 2015, the lengthy turnaround increases the potential of further market share losses, and credit protection measures are weakening.

The outlook remains negative as stabilization in the key operating metrics is uncertain.

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