Atrophic vaginitis is the thinning and inflammation of vaginal tissues due to a drop in estrogen levels. This is accompanied by a decrease in lubrication. Symptoms of atrophic vaginitis include itching, burning and discomfort; sometimes a bad-smelling, yellowish discharge may be present. Sexual intercourse may be painful and may be followed by light bleeding. Estrogen is a female hormone that plays many roles, including keeping the vaginal tissue healthy and lubricated.