...The rating reflects L'Oreal SA's strong market position as the largest beauty company globally and robust financial profile supported by low leverage and superior financial flexibility. The rating benefits from the company's strong brand portfolio and diversification by geography, product category and price point, which supports steady organic revenue and profit growth. We assume L'Oreal will maintain its conservative balance sheet 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 credit profile....
