October 16, 2020
S&P Global Ratings said Thursday that it upgraded Brazil's Natura & Co by one notch to BB after the cosmetics company raised BRL5.61 billion ($1 billion) in a share sale earlier this month.
Natura previously raised BRL2 billion through a share sale to existing shareholders in May. It intends to use most of the BRL7.61 billion it has raised in the stock market this year to pay off debt for the beauty company Avon, S&P said in a report.
The Brazilian company plans to cut Avon's debt le
Brazilian cosmetics company moves up a notch to BB after raising $1 bln to pay off Avon's debt