Bormioli Pharma SpA (Bormioli) announced that its financial sponsor, Tritron Investments Advisers LLP, has agreed to sell the company to Gerresheimer Glas GmbH, a subsidiary of Gerresheimer AG. Although the transaction's exact details have not yet been disclosed, we believe that the sale could lead to an improvement in Bormioli's credit metrics and financial policy. We therefore placed our 'B-' long-term issuer credit rating, 'B-' issue rating on Bormioli's senior secured notes, and 'B+' issue rating on the revolving credit facility (RCF) on CreditWatch with positive implications. We expect to resolve the CreditWatch placement once we can evaluate the implications of the change of ownership on Bormioli's financial risk profile and financial policy. On May 23, 2024, Bormioli announced that
