S&P lifts Maravai Topco

S&P said it raised its issuer credit rating on Maravai Topco Holdings LLC to B from B- and the issue-level rating on its first-lien senior secured debt to B from B-.

The 3 recovery rating on the first-lien debt remains unchanged, indicating an expectation for meaningful recovery in a hypothetical default scenario.

The outlook is positive.

“The positive outlook on Maravai reflects the potential that we will upgrade the company in the next 12 months if we become increasingly confident it will sustain its improved operating performance beyond 2021 and maintain leverage of firmly below 5x while pursuing acquisitions,” S&P said in a news release.

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