On July 18, 2016, Kirk Beauty One announced that it had requested to reprice and refinance its term loan facility B by raising a new term loan B of €1,370 million. We estimate that following the transaction, Kirk Beauty One will maintain its credit metrics broadly comparable with the level we had expected previously. We are therefore affirming our 'B' rating on Kirk Beauty One. The stable outlook reflects our view that Kirk Beauty One will continue to expand operations profitably, pursue acquisitions and shareholder remuneration, and without weakening its credit metrics or liquidity. On July 28, 2016, S&P Global Ratings affirmed its 'B' long-term corporate credit rating on Germany-based Kirk Beauty One GmbH, the parent of perfume retailer Douglas.
