NEW YORK--(BUSINESS WIRE)--Avon Products, Inc. (Avon) terminated its $1 billion senior unsecured revolving credit facility on June 5, 2015, replacing it with a $400 million senior secured facility. Fitch Ratings had cited the company's declining liquidity as part of its rationale in the May 1, 2015 downgrade of the Issuer Default Rating to 'BB-' from 'BB'. Cash balances had been more than $1.1 billion from 2010 through 2013 and combined with the $1 billion revolver for a very healthy $2+ billio
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