Fitch alters Avantor outlook to positive

Fitch Ratings said it changed the outlook to positive from stable and affirmed Avantor, Inc.'s and Avantor Funding, Inc.'s long-term issuer default ratings at BB.

The positive outlook reflects the company's continued strong operating performance, evidenced by mid-teens top-line growth in FY 2021 and improving EBITDA margins, a strong FCF and liquidity profile, and continued deleveraging to below 4.5x gross debt/EBITDA (leverage). Fitch recognizes that reported sales growth is likely to moderate in FY 2022 primarily due to Covid and FX headwinds, and expects the company to deleverage further via EBITDA growth to below 4x over the next 12-18 months,” Fitch said in a press release.

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