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S&P ups Natura Cosmeticos
S&P said it upgraded Natura Cosmeticos SA to BB from BB- on a global scale and to brAAA from brAA+ on a national scale, including all debt ratings. The recovery rating remains at 3 (50%).
Concurrently, S&P upgraded Avon Products Inc. to BB- from B+ and the senior secured and senior unsecured issue-level ratings to BB+ and BB- from BB and B+, respectively. The recovery ratings of 1 (95%) and 3 (50%) on respective debts remain unchanged.
The upgrades follow Natura’s equity offering that raised about $1 billion. Proceeds will be used to reduce Avon’s debt.
The outlook is stable.
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