Fitch lowers Oriflame

Fitch Ratings said it downgraded Walnut Bidco plc's (Oriflame) long-term issuer default rating and senior secured rating to B from B+.

“The downgrade reflects our expectation that disruption from the coronavirus outbreak and weakened consumer sentiment will prevent Oriflame from deleveraging towards levels consistent with a B+ rating over the next three years. Furthermore, the company's high exposure to emerging markets and FX risks limits visibility on how quickly sales and profits could recover once lockdowns are lifted in Oriflame's countries of operations,” said Fitch in a press release.

The outlook is stable.

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