Moody's pares Oriflame

Moody's Investors Service said it lowered to B2 from B1 the corporate family rating and to B2-PD from B1-PD the probability of default rating of Oriflame Holding AG. The agency also downgraded to B2 from B1 the rating of the senior secured notes due 2026 and issued by Oriflame Investment Holding plc, a fully owned subsidiary of Oriflame .

"The downgrade reflects the deteriorated operating environment in Russia, where the company generates around 16% of consolidated revenues, and the significant negative impact that the reduction of the activities in the country will have on the company's operating performance," said Lorenzo Re, a Moody's vice president, senior analyst and lead analyst for Oriflame, in a press release.

The outlook for both companies remains stable.

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