Moody's upgrades Avantor

Moody's Investors Service said it upgraded Avantor Funding Inc.’s ratings, including the corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD.

Moody's also upgraded the senior secured credit facilities to Ba1 from Ba2, the rating on the senior secured notes to Ba1 from Ba2 and the unsecured notes to B2 from B3.

The agency also changed the outlook to stable from positive. There is no change to the speculative grade liquidity rating of SGL-1, signifying very good liquidity.

“The upgrade of the CFR reflects Avantor's improved business profile mainly driven by strong operating performance and cash flow generation. The upgrade is also supported by an improvement in profitability and a reduction in leverage driven by earnings growth, with adjusted debt/EBITDA of 4.5x for the 12 months ended Dec. 31, 2020 (vs. 5.3x Dec. 31, 2019),” Moody’s said in a press release.

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