Fitch rates Oriflame notes B+

Fitch Ratings said it assigned Walnut Bidco plc's (Oriflame) expected long-term issuer default rating of B+ with stable outlook.

In addition, Fitch assigned the B+/RR4 expected rating to Oriflame's proposed senior secured notes.

“The ratings reflect Oriflame's high leverage more in line with a lower B category rating, which is balanced by a good position in the direct-selling beauty market and well-diversified operations,” the agency said in a news release.

“The ratings also take into account Oriflame's exposure to FX risks and emerging markets, which increases volatility of the company's revenue and profits.”

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