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On November 19, 2020, S&P Global Ratings lowered its issuer credit rating on Revlon Consumer Products Corporation to SD (selective default) from CC and its 5.75% senior notes rating to D from C. The downgrade reflects Revlon's announcement that it completed the exchange offer for its 5.75% senior notes due in 2021. The ratings agency considers the transaction to be a distressed exchange and tantamount to a default on the notes because the noteholders were not adequately compensated and received less than they were originally promised under the securities. The downgrade also incorporates the Company's weak operating performance, negative cash flow generation and near-term debt maturities.
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