Fitch rates Avon notes A

Fitch Ratings said it assigned an A rating to Avon Products, Inc.'s $500 million 5 5/8% note due March 1, 2014 and $350 million 6½% note due March 1, 2019.

The company has an issuer default rating at A, short-term issuer default rating at F1, commercial paper at F1, bank facility at A and senior unsecured notes at A.

The outlook is negative.

Proceeds are expected to refinance commercial paper and for other corporate purposes.

The rating reflects Avon's unique position in the beauty market, as the world's largest direct seller of beauty and related products, the agency said. The company is one of the most geographically diverse companies.

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