U.S.-based Parfums Acquisition Co. continues to diversify its product offerings and has exceeded our expectations, partly stemming from strong performance of several recently acquired brands. We are affirming our 'B' corporate credit rating on the beauty and personal care company, and raising our issue-level rating on the senior secured debt to 'B+' from 'B'. We are also revising the recovery rating to '2' from '3', reflecting our expectation for substantial (70% to 90%, at the low end of the range) recovery in the event of a payment default. The outlook is stable, reflecting our belief that Parfums will generate steady revenue and profit growth as the company leverages its distribution network to grow strong-performing acquired brands, and improve credit metrics,
