Anastasia Beverly Hills missed a term loan payment on Monday as it seeks to realign its capital structure and paid the price with downgrades to its credit rating from both Standard & Poor’s and Moody’s Investors Service.

S&P cut the makeup company’s ratings to a “D” from a “CCC-minus” on Monday, citing the missed principal and interest payment on its $650 million term loan. Anastasia Beverly Hills entered into a forbearance agreement with lenders on July 25 that gave the company some breathing room, but the rating agency still viewed the situation unfavorably.

“Under the forbearance agreement, the term loan lenders agreed to not exercise certain remedies relating to the nonpayment until Sept. 10, 2025,” S&P Global said. “We view the transaction as distressed and do not have informatio

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