Leading life science distributor in North America and Europe, but in a relatively fragmented industry worldwide. Stable profitability benefiting from geographic, end-market, and customer diversity. Chemicals and other consumables providing high recurring revenue streams. Integration risk from the recent acquisition of VWR. Very high adjusted leverage of above 11x, including considering the preferred stock as debt-like. High funded leverage of above 7x. Anticipated discretionary cash flow generation of $200 million in 2019. Aggressive financial policy driven by financial sponsor ownership. S&P Global Ratings' stable outlook on Avantor Inc. reflects our expectation that the company will make progress in achieving some of the planned synergies and that restructuring charges will decline next year. It also is based on our view that
