On July 20, 2017, Moody’s Investors Service downgraded Revlon Consumer Products Corporation’s corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD, senior secured credit facilities ratings to B1 from Ba3 and senior unsecured notes to Caa1 from B3. According to Moody’s, the downgrades reflect Moody’s expectation that Revlon’s financial leverage will remain very high over the next year. For the twelve months ending March 31, 2017 debt to EBITDA was very high at 7.6x. Moody’s expects leverage reduction to be hampered by low organic earnings growth over the next year. Revlon’s operations are not fully stabilized and face challenges that could affect sales and raise the cost and time to implement some more complex cost synergies. In addition, Moody’s recognizes the Company’s high execution risks related to Revlon’s aggressive plan to extract over $140 million of cost synergies. Read more on distressed companies.