NEW YORK (S&P Global Ratings) Oct. 19, 2021--S&P Global Ratings today said that its ratings on Avantor Inc. and subsidiary Avantor Funding Inc. are unchanged by the proposed $800 million unsecured notes issued by Avantor Funding. We expect the company to use the proceeds from these notes, which we rated 'BB-' with a '6' recovery rating, along with the proceeds from its recently launched $900 million term loan to fund a portion of its previously announced MasterFlex acquisition. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a default. For a more detailed analysis, see our most recent research update on Avantor, published Sept. 17, 2021, on RatingsDirect. ISSUE RATINGS--RECOVERY ANALYSIS
