Moody's raises Maravai

Moody's Investors Service said it upgraded the ratings of Maravai Intermediate Holdings, LLC, including the corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD. The agency also raised the rating on the senior secured credit facilities to B1 from B2. The speculative grade liquidity rating of SGL-1, signifying very good liquidity, is unchanged.

The upgrade of the CFR reflects a material improvement in financial flexibility alongside strong operating performance since Maravai's IPO in November 2020. Moody's-adjusted debt/EBITDA approximated 1.2x for the 12 months ended Sept. 30, 2021, versus 4.2x for the 12 months ended Dec. 31, 2020. Maravai has benefitted from strong demand in the company's products and services, notably its CleanCap reagent that is used in the manufacturing of Covid-19 vaccines and generates over two-thirds of Maravai's revenue,” Moody’s said in a press release.

However, the agency cautioned that earnings growth hinges on demand for Covid-19 vaccines and booster shots which remains uncertain, especially from 2023 onwards.

The outlook remains stable.

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