S&P: Avon view to stable

S&P said it affirmed its ratings, including the B corporate credit rating, on Avon Products Inc. and revised the outlook to stable from positive.

The agency also affirmed the BB- issue-level ratings with a 1 recovery rating (90%-100%, rounded estimate 95%) on the company's $400 million revolving credit facility and $500 million senior secured notes.

Concurrently, S&P affirmed the B issue-level rating with a 4 recovery rating (30%-50%, rounded estimate 40%) on Avon's four tranches of senior unsecured notes.

“The outlook revision reflects our belief that Avon's operating performance will remain volatile in the upcoming quarters as the company navigates challenging macroeconomic conditions in key markets, faces increasing competition, and suffers repercussions from recent execution missteps,” the agency said in a news release.

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