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S&P rates Avantor loan BB-
Standard & Poor's said that it assigned a BB- issue rating and 2 recovery rating to Avantor Performance Materials Holdings SA's proposed $185 million term loan due 2017. The 2 recovery rating indicates the expectation for substantial (70%-90%) recovery.
S&P affirmed the B+ corporate credit rating on the company. The outlook is stable.
The proceeds from the proposed term loan will be used to refinance its outstanding term loan and fund the acquisition of POCH SA.
The ratings on Avantor reflect the company's limited business diversity, customer concentration, acquisitive growth strategy and limited track record as a stand-alone company, the agency said.
The ratings consider Avantor's weak business risk profile and its aggressive financial risk profile, the agency added.
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