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Moody's may upgrade Avantor
Moody's Investors Service said it placed Avantor, Inc.'s B3 corporate family rating, B3-PD probability of default rating, B2 (LGD 3) senior secured rating and Caa2 (LGD 5) unsecured rating under review for upgrade.
This follows news of Avantor's intended initial public offering that Moody's sees as credit positive as the company plans to use some of its proceeds to repay outstanding debt, the agency said.
The rating review will focus on the resulting financial leverage following the initial public offering and the financial policies after the IPO, Moody's said.
Avantor intends to use a portion of its IPO proceeds to repay part of its outstanding debt, the agency said.
The ultimate impact on Avantor's financial profile remains uncertain at this stage and will depend on the proceeds of the planned equity offering and the allocation of proceeds, Moody's said.
The planned IPO also increases the company's financial flexibility through access to public equity markets, which is credit positive, the agency said.
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