Fitch affirms Avon Products ratings

NEW YORK -- Credit ratings agency Fitch Ratings on Wednesday said it is affirming its ratings of direct beauty products seller Avon Products Inc. and took the company off "Rating Watch Negative" after smaller rival Coty Inc. withdrew its $10.7 billion bid for the company.Fitch placed Avon on the ratings watch, which means Avon's ratings might be downgraded Avon's ratings, when the offer was announced. It cited the likelihood that any deal would be financed with debt, leaving the company with weaker credit protection measures.But now that the offer has been withdrawn, Fitch affirmed its ratings on the company. It has a long term issuer default rating of "BBB-"on Avon Products. That indicates good credit quality and is the lowest investment-grade rating.Fitch now has a "stable" outlook on Avon's ratings.Avon shares fell 21 cents to end Wednesday at $16.59.