S&P rates Natura Cosmeticos debentures brAAA

Standard & Poor's said it affirmed the BBB global scale and brAAA Brazilian national scale corporate credit ratings on Natura Cosmeticos SA.

The outlook is stable.

The agency also said it assigned a brAAA national scale rating to the company's planned R$600 million debentures, which it will use for refinancing purposes.

The senior unsecured debentures are due 2017 to 2019 and count with a bank firm commitment, S&P said.

The ratings reflect the company's satisfactory business risk profile and modest financial risk profile, the agency said.

The ratings also consider the company's leading competitive position in the cosmetics, fragrances and toilet market in Brazil, partly offset by somewhat limited geographic diversification, which is expected to gradually improve, S&P said.

The ratings also take into account its favorable operating efficiency despite its smaller scale, the agency added.

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