Moody's drops Avantor loan to B1

Moody's Investors Service said it downgraded Avantor Performance Materials Holdings SA's corporate family rating to B1 from Ba3 and the probability of default rating to B1-PD from Ba3-PD.

In addition, the agency downgraded to B1 from Ba3 the rating on the outstanding $220 million first-lien, senior secured credit facility, issued by Avantor's subsidiary Avantor Performance Materials Holdings, Inc.

The outlook remains negative.

"Our downgrade of Avantor's CFR to B1 reflects our updated expectation that the company will be unable to sustain profitability and achieve credit metrics that we consider appropriate for the Ba3 rating," Anthony Hill a Moody's vice president, senior analyst and lead analyst for Avantor, said in a news release.

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