...Fitch Ratings in September 2018 affirmed L'Oreal SA's (L'Oreal) Short-Term Issuer Default Rating (IDR) and commercial paper (CP) programme at `F1+'. The rating reflects L'Oreal's exceptionally strong short-term credit quality, stemming from the company's superior financial flexibility and liquidity, as well as healthy business and financial profiles. The rating benefits from L'Oreal's position as the largest beauty company globally with a strong brand portfolio, diversified operations and steadily growing organic sales and profits. We expect L'Oreal to maintain its conservative capital structure and to continue generating healthy free cash flow (FCF), which will allow it to implement its strategy of bolt-on acquisitions, without compromising its strong financial structure....
