Revlon Consumer Products Corporation -- Moody's Revises Revlon's Outlook to Developing

New York, January 15, 2016 -- Moody's Investors Service, ("Moody's") revised Revlon Consumer Products Corporation's ("Revlon") outlook from stable to developing following the announcement by majority shareholder MacAndrews & Forbes Incorporated ("M&F") that it is exploring strategic alternatives involving Revlon. MacAndrews & Forbes owned approximately 78% of Revlon's outstanding common stock as of September 30, 2015. The developing outlook reflects uncertainty regarding the outcome of the strategic review, including any potential transactions and the resulting impact to the operating profile, credit metrics and capital structure. Moody's affirmed Revlon's Ba3 Corporate Family Rating (CFR) based the company's ability to generate good free cash flow that should support reducing debt-to-EBITDA leverage to under 5x by the end of FY2015 and ultimately to a level of 4x by mid 2017 in the absence of a strategic transaction, but will continue to monitor the situation as more information emerges.

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