Moody's affirms Estée Lauder

Moody's Investors Service said it affirmed the A2 senior unsecured long-term and prime-1 short-term ratings of Estée Lauder Cos. Inc. The ratings affirmed include its prime-1 commercial paper rating, $250 million 6% senior notes due 2012 at A2, $300 million 7 ¾% senior notes due 2013 at A2, $300 million 5.55% senior notes due 2017 at A2, $200 million 5 ¾% senior notes due 2033 at A2 and $300 million 6% senior notes due 2037 at A2.

The outlook was revised to stable from negative.

The rating reflects the company's announced tender offer for up to $200 million aggregate principal amount of its 6% and 7 ¾% senior notes, its demonstrated progress in executing a number of key restructuring initiatives and its significantly improved operating performance, Moody's said.

The company's management has done a good job at navigating through the global recession and quickly taking critical actions to reduce expenses and realign its portfolio, the agency said.

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