S&P Global Ratings on Aug. 11 downgraded Anastasia Holdings LLC, dba Anastasia Beverly Hills, to D, from CCC- and a negative outlook, after the company missed paying interest and principal on its $650 million term loan.
The term loan, a constituent of the Morningstar LSTA US Leveraged Loan Index, was also downgraded to D, from CCC-.
Term loan lenders inked a forbearance agreement with Anastasia on July 25, in advance of the loan’s Aug. 11 maturity, S&P said. The agreement expires Sept. 10, the agency noted.
S&P said it considers the forbearance and missed principal and interest as defaults because of Anastasia’s failure to pay its obligations “in a timely manner.”
In September 2024, Moody’s downgraded Anastasia to Caa3, from Caa1, citing the company’s negative free cash flow and nearing maturities. At the time, the agency also lowered Anastasia’s first-lien credit facilities to Caa3, from Caa1.
Anastasia is a marketer and seller of prestige color cosmetics, predominantly in the US.
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