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Fitch Affirms Avantor's IDR at 'BB'; Outlook Remains Positive - Fitch Ratings

Fitch Ratings - Toronto - 15 Sep 2023: Fitch Ratings has affirmed Avantor, Inc.'s and Avantor Funding, Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'BB', the Rating Outlook remains Positive. Fitch has also affirmed Avantor Funding's secured credit facilities at 'BB+'/'RR2', secured notes at 'BB+'/'RR2' and unsecured notes at 'BB'/'RR4'.The Positive Outlook reflects Fitch's continued expectation of the company's commitment and ability to reduce EBITDA leverage to below 4.0x over the next 12 months. Fitch continues to expect Avantor will delever despite customers' conservative capital spending and softness in demand across several end-markets, assuming incremental debt repayments via ample FCF offset by lower revenues in 2023.

fitchratings.com     Sep 15, 2023