Standard & Poor's Ratings Services on Tuesday downgraded Elizabeth Arden Inc. corporate debt ratings by one notch to 'B' from 'B+' with a negative outlook, saying the beauty products company faces foreign-exchange challenges and a "highly competitive operating environment" that will continue to weigh on the company. Moreover, the company's weak operating performance in the past year and a half has resulted in "a significant deterioration" of its credit profile, and S&P now rates it "highly leveraged" from "aggressive". Shares of Elizabeth Arden were flat in after-hours trading, after ending Tuesday down 5.5%.
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