NEW YORK — Standard & Poor’s Ratings Services downgraded its outlook on The Estée Lauder Cos. Inc. to negative from stable Tuesday, but did affirm two of the company’s credit ratings.

S&P said the outlook revision was based on Lauder’s expected “weakened credit protection measures (adjusted for operating leases) in the intermediate term, which will be below S&P’s established guidelines” at the stable rating level.

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