S&P Cuts Natura Outlook to Negative on Avon Unit Drag

Brazil · Companies Key Facts —Action. S&P revised Natura Cosméticos S.A.’s Brazil national-scale rating outlook to negative from stable while affirming its ‘brAAA’ issuer and issue ratings. —Recovery. The agency maintained a ‘br3’ recovery rating on Natura’s unsecured debt, indicating an estimated 60% recovery in a hypothetical default. —Leverage. Natura’s net debt rose to R$4.0…