Fitch upgrades Avantor

Fitch Ratings said it upgraded Avantor Funding, Inc.’s long-term issuer default rating to BB from BB-. Fitch revised the outlook to positive from stable. Fitch also gave Avantor Inc. a BB issuer rating with a positive outlook.

The agency affirmed the senior secured debt and unsecured debt at BB+/RR1 and BB/RR2, respectively.

“The upgrade is supported by continued strong operating performance, a strong FCF and liquidity profile, and continued deleveraging to below 4.5x gross debt/EBITDA. The positive outlook reflects Fitch’s expectation that the company will continue to reduce leverage to below 4x over the next 12-18 months, primarily through EBITDA growth,” the agency said in a press release.

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