Revlon shares recently traded at $7.08, down 8.8%. The stock has given up 67% this year through Thursday, compared with a 3.1% gain for the S&P 500. On Wednesday, credit-rating company Moody's Investors Service said that Revlon's July 27 announcement to exchange at a discount to par its $500 million of 5.75% unsecured notes due February 2021 for new 5.75% unsecured note issue due February 2024 will be considered "a distressed exchange." Moody's said, "the transaction would favorably address the company's significant refinancing needs …, but would not materially reduce the very high debt burden." The credit rater "views this proposed transaction as a continuation of the default that occurred in May, when Revlon refinanced its $1.8 billion term loan, and not a separate default event."