Fitch upgrades Avantor

Fitch Ratings said it upgraded Avantor Inc.’s long-term issuer default rating to BB- with a stable outlook from B+ with a positive outlook.

“The upgrade is supported by strong operating performance and realization of deal synergies related to the VWR Inc. acquisition, a strong FCF and liquidity profile, and continued deleveraging to around 5x gross debt/EBITDA. While operations will be impacted from the coronavirus pandemic near term, we expect the company will be able to operate with gross debt/EBITDA below 5x in more normalized operating periods,” Fitch said in a press release.

Fitch affirmed Avantor’s senior secured BB+ and senior unsecured BB ratings.

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