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Coty Inc. -- Moody's downgrades Coty's CFR to B2; outlook stable

Moody's Investors Service ("Moody's") downgraded Coty Inc.'s ("Coty") Corporate Family Rating ("CFR") to B2 from B1 and Probability of Default Rating to B2-PD from B1-PD. Moody's also downgraded the company's unsecured notes to Caa1 (LGD5) from B3 (LGD5). Concurrently, Moody's confirmed the ratings on Coty's first lien revolving credit facility and term loan at Ba3 (LGD2) and affirmed its Speculative Grade Liquidity Rating at SGL-4.