Brazil · Companies

Key Facts

—Action. S&P revised Natura Cosméticos S.A.’s Brazil national-scale rating outlook to negative from stable while affirming its ‘brAAA’ issuer and issue ratings.

—Recovery. The agency maintained a ‘br3’ recovery rating on Natura’s unsecured debt, indicating an estimated 60% recovery in a hypothetical default.

—Leverage. Natura’s net debt rose to R$4.0 billion, pushing its net debt-to-EBITDA ratio to 2.12 times in the first quarter of 2026, excluding IFRS 16 impacts.