Moody’s could lower Avantor, facilities

Moody's Investors Service said it placed Avantor Inc.’s B2 corporate family rating review for downgrade.

The agency also placed the B1 first-lien term loan and revolving credit facility and the Caa1 second-lien term loan, all issued by subsidiary Avantor Performance Materials Holdings, LLC, on review for downgrade.

Moody’s said the review was prompted by the recent acquisition of Puritan Products, which will further stretch leverage after two sizable dividends to the equity sponsor over the past seven months. Avantor's leverage trajectory is inconsistent with the agency’s expectations and raises the question of whether the B2 corporate family rating is still appropriate for Avantor.

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