Avantor, Inc. has announced that the company entered into a definitive agreement to acquire Radnor, Pa.-based laboratory supply distributor VWR Corp. for approximately $6.4 billion. We are affirming our 'B' corporate credit rating on Avantor, Inc. At the same time, we are revising our rating outlook to developing from stable. The developing outlook reflects that we could raise, affirm, or lower the rating depending on the amount of leverage used to finance the VWR acquisition, along with the acquisition's impact on the company's business risk profile. On May 9, 2017, S&P Global Ratings affirmed its 'B' corporate credit rating on Center Valley, Pa.-based Avantor Inc. The issue-level and recovery ratings on the company's debt are unchanged. We also revised the
