S&P puts VWR on watch

S&P said it placed all its ratings on VWR Corp., including the BB- corporate credit rating, on CreditWatch with negative implications.

“The rating action is in response to VWR's announcement that it has entered into a definitive agreement to be acquired for $6.4 billion by diversified chemicals company Avantor,” said S&P credit analyst Tulip Lim in a news release.

The details on the transaction's funding have yet to be announced, but S&P said it expects leverage of the combined company will likely be high under the financial sponsor ownership of New Mountain Capital.

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