Fitch affirms Avon

Fitch Ratings said it has affirmed Avon Products, Inc.'s and its subsidiary's rating as follows:

• Avon Products' long-term issuer default rating at BBB-; short-term issuer default rating at F3; commercial paper program at F3; bank credit facility at BBB-; bank term loan at BBB-; and senior unsecured notes at BBB-;

• Avon Capital Corp.'s short-term issuer default rating at F3 and commercial paper program at F3.

The outlook has been revised to negative from stable.

The agency said that the negative outlook reflects that Avon's turnaround will take more time than Fitch initially expected, the company continues to lose representatives, and profitability may be pressured versus prior years leading to a transition period that is likely to extend well past 2012.

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