S&P cuts Maravai Topco

S&P said it lowered its issuer credit rating on Maravai Topco Holdings LLC to B from B+ and lowered the issue-level rating on the company's revolver and first-lien debt to B from B+.

The outlook is stable.

S&P, in a news release, said the company “provided revenue and EBITDA guidance for 2023 that was sharply below our expectations, which we expect will push its leverage (S&P Global Ratings-adjusted) well above 5x for the next few years.”

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